Sumitomo Metal Mining Increases FY Profit Forecast by 89% Amid Rising Gold and Copper Prices
Sumitomo Metal Mining raised its full-year net profit forecast by 89% to 140 billion yen ($893 million) due to increased copper and gold prices. The company also revised its shareholder policy, targeting a 55% equity ratio and raising its dividend forecast to 183 yen per share. Negotiations for treatment and refining charges (TC/RCs) with global miners are ongoing, as the company seeks terms above China's benchmark.
Theia Market Signal Identification - AI Assisted
Sumitomo Metal Mining increased its full-year net profit forecast by 89% to 140 billion yen ($893 million) due to rising copper and gold prices. The previous estimate was 74 billion yen. For the nine months ending December, net profit surged to 108.2 billion yen from 29.6 billion yen a year earlier.
The company adjusted its shareholder remuneration policy to target a 55% equity ratio and raised its minimum dividend-on-equity ratio to 3.5%. Dividend forecasts were also increased to 183 yen per share. Ongoing negotiations for treatment and refining charges with global miners are aimed at exceeding China's benchmarks.
Comments