China Natural Resources, a Chinese producer of zinc concentrate, iron concentrate, coal and nonferrous metals among other natural resources, on May 26 released its financial results for the year ended December 31, 2009.
Sales revenues of RMB 107.7 million ($15.8 million) in 2009 saw a seven percent rise from RMB 100.9 million in 2008. In 2009, the company's net profit was RMB 46.5 million ($6.8 million), compared to a net profit of RMB 78.7 million in the same period of 2009, decreasing by 41 percent.
The company also announced that it has completed the acquisition of five coal mines in Guizhou Province, China. The mines have a total annual production capacity of 450,000 mt and are expected to reach 1.5 million mt once the second phase of construction is completed in 2011.
Li Feilie, the company's chairman, said, "We are positive about the prospects of the coal mining industry in China and our continuing acquisition strategy in consolidating small to medium size coal mines in Guizhou Province."