• Zijin Mining (2899 HK) :Declining ASPs testing its mettle

    Zijin Mining (2899 HK) :Declining ASPs testing its mettle

    3Q12earnings.Notwithstandingsolid15.6%QoQtop-linegrowthonhigheroutputofprocessedgoldandcopper,Zijin’sbottomlinewasdown6.2%QoQtoRMB1.2b.Averagesellingprice(ASP)ofgoldrose0.9%QoQ,notenoughtooffsetASPdeclinesinaslewofothermetals,includingcopper,down4.8%QoQ;zinc,down2.4%QoQ;andironore,down9.2%QoQ.Costsrising,butstillthemostcostefficientminer.Minegoldproductioncostrose17.1%Q...

    02012 年 11 月 2 日727ASP木马