China Minmetals sees record revenue in 2019

China Minmetals Corporation (CMC), the country's largest metals and minerals group, recorded its best-ever revenue in 2019.

Revenue of the company posted a 13.4-percent year-on-year increase in 2019, topping the 600-billion-yuan (about 86.4 billion U.S. dollars) mark for the first time, according to the CMC.

The company saw its total profits and net profits grew 13.3 percent and 28.9 percent in 2019, respectively, from 2018, with a lower asset-liability ratio, the CMC said.

Since the state-firm took over China Metallurgical Group Corporation in 2015, a major deal that strengthened its position in the metallic mining sector, the mining giant has seen expanded cooperation and rapid business growth, according to CMC president Guo Wenqing.

Noting the sector is facing slower growth from the demand side and increased downward pressure, CMC chairman Tang Fuping said the company will continue to strengthen its development quality and improve its core competitiveness in 2020.