China National Gold Group 1st-half Profit up 3 fold

China's largest gold producer said on Tuesday its operating profits rose by three fold to 1.55 billion yuan (228.09 million U.S. dollars) in the first six months this year.

China National Gold Group Corp. said in a statement that its first-half revenue grew by 98 percent from a year earlier to 27.67 billion yuan and expected its full-year revenue to reach 50 billion yuan.

At the end of June, the gold producer had 1,250 tonnes of gold reserves, eight million tonnes of copper reserves and 1.6 million tonnes of molybdenum, according to the statement.

In the first half of 2010, the company added a total of 24.7 tonnes of gold, 683,000 tonnes of copper and 445,000 tonnes of molybdenum to its reserves, said the statement.

The company had improved its development strategies through conducting merge and acquisitions, integrating regional resources and exploring overseas, said Sun Zhaoxue, general manager of the gold producer.