SYDNEY (Thomson Financial) - Australian base metals miner Zinifex Ltd said Friday it expects to report a net profit of 1.27-1.32 billion Australian dollars in the first half, including a one-off gain from the sale of its smelting and refining asset to Belgium's Nyrstar.
Profit from the sale of the assets was in the 940-980 million-dollar range, it said.
Earnings before interest and tax (EBIT) from its continuing mining operations are expected to be between 250 and 275 million dollars, while EBIT from the discontinued smelting and refining operations will be in the 75-100 million-dollar range.
The company said it issued the guidance as available brokers' forecasts for the period indicated an unusually wide range.
Apart from estimates of the Nyrstar profit, a sharp decline in zinc prices and currency movements may also be adding to uncertainty in the market, it said.
(1 US dollar = 1.12 Australian dollar)
bruce.hextall@rthomson.com
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