Tibet-based Chinese miner Tibet Mineral Development Co. has issued its estimated financial results for the third quarter and the first nine months of the current year.
In January-September, the company’s estimated net loss totaled RMB 20-30 million ($3.16-4.74 million), compared with a net loss of RMB 47.05 million ($7.43 million) in the same period last year. The company stated that, while it had achieved a net profit in the first two quarters, the loss recorded for the January-September period was due to the net loss of RMB 34.5-44.5 million ($5.45-7.03 million) in the third quarter.
According to the company’s financial report for the first half of this year, it achieved a net profit of RMB 14.5 million ($2.3 million) for the period in question, though this was down 36 percent year on year.