Gwanghae Mining Corporation Reports Net Profit of 276.4 Billion Won Last Year... Returns to Profitability

Ambatovy Plant Facility in Madagascar, Africa, where the Korea Resources Corporation held a completion ceremony and will produce nickel starting from 2013

[Asia Economy Sejong=Reporter Dongwoo Lee] Korea Mine Reclamation Corporation achieved a net profit surplus in its first financial settlement since its launch in September last year.

The Mine Reclamation Corporation announced on the 6th that it recorded sales of 1.3714 trillion won and a net profit of 276.4 billion won last year.

Compared to before the integration of Korea Resources Corporation and Korea Mine Reclamation Corporation, sales increased by 693.5 billion won, and net profit turned to surplus. Before the integration, the two corporations posted a combined deficit of 1.4643 trillion won.

The corporation explained that this was the result of rising prices of major minerals such as copper and nickel, and improved business performance of overseas investment projects.

Looking at the net profit of major overseas mines owned by the corporation, Ambatovy in Madagascar (nickel) recorded 211 million dollars, Cobre Panama in Panama (copper) 75 million dollars, Narabri in Australia (thermal coal) 13.25 million dollars, while Boleo in Mexico (copper) showed a deficit of 116.6 million dollars.

The corporation's assets amounted to 498.5 billion won and capital to 340.9 billion won, increasing by about 11% and 13% respectively compared to the combined total before the integration of the two institutions.

Liabilities increased by about 2% to 157.6 billion won, but the debt ratio against total assets was 144%, which is 12 percentage points lower than the combined total before integration and 80 percentage points lower than the former Resources Corporation.

This content was produced with the assistance of AI translation services.