Shenghe Resources (SHA:600392) expects a net profit attributable to shareholders of between 740 million yuan and 820 million yuan in the nine months ended Sept. 30, surging by between 697% and 783% from the year-ago profit of 163.5 million yuan or 0.053 yuan per share.
The forecast was attributed to an increase in demand for major rare earth products and rising product prices that boosted sales, according to a Shanghai bourse filing on Wednesday.
The Chinese rare earths mining company's shares jumped 5% at the close.
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