China Vanadium Titano-Magnetite Mining Company Limited provided group earnings guidance for the year ending 31 December 2013. Based on the initial assessment of the group's unaudited accounts, the group is expected to record a significant decline in profit by no more than 60% for the year ending 31 December 2013, as compared with the profit recorded for the year ended 31 December 2012. Such a decrease in profit is mainly attributable to (i) a decrease in the production volume of the vanadium-bearing iron concentrates at the Baicao Mine as a result of the preservation measures adopted to preserve the potential niobium and tantalum ore resources at the Baicao Mine since July 2013, as announced on 11 July 2013; (ii) a decrease in market prices (particularly high-grade titanium concentrates) and the increase in unit cost of sales of the group's products; and (iii) a decrease in the demand for iron pellets for the year ending 31 December 2013, as compared with those for the year ended 31 December 2012.