CGG:CC - China Gold International Resources Reports 2022 Third Quarter Results
(TheNewswire)
VANCOUVER – TheNewswire- November 1 4 , 202 2 – China GoldInternational Resources Corp. Ltd. ( T SX: CGG ) ; Hong Kong Stock Code :2099) (the “ Company ” or “ China Gold InternationalResources ”) is pleasedto report financial and operational results for the three months(“ Q 3 ” or“ third quarter 202 2 ”) and nine months ( “ nine months202 2 ” ) ended September 3 0 , 202 2 . This newsrelease should be read in conjunction with the Company’s FinancialStatements, Notes to the Financial Statementsand Management’s Discussion and Analysis (“ MD&A ”).
For detailed information, please read the Company’sFinancial Statements and MD&A which are available on SEDAR atwww.sedar.com, The Stock Exchange of Hong Kong Limited’s website atwww.hkex.com.hk, the Company's website at www.chinagoldintl.com, orcall the Company at +1-604-609-0598 and email toinfo@chinagoldintl.com.
SelectedProduction and Financial Highlights: Q3 202 2 Compared to Q320 21
• Revenue increased by 3% toUS$2 55.0 million fromUS$24 8 . 3 million for the same period in202 1 .
• Mine operating earnings decreased by 8 % to US$ 75.7 million from US$ 82.6 million for the same period in202 1 .
• Net income de creased by 55 % to US$ 23.4 million from US$ 52.2 million for the same period in202 1 mainly due to the decrease of metal priceand foreign exchange loss .
• Cash flow fromoperation decreased by 24 % to US$ 89.8 million from US$ 117.5 million for the same period in202 1 .
• Total gold production decreased by 4 % to 54,734 ounces from 57,288 ounces for the same period in202 1 .
• Total copper production in creased by 12 % to 46.9 million pounds ( 21,254 tonnes) from 41.8 million pounds ( 18,947 tonnes)for the same period in 202 1 .
SelectedProduction and Financial Highlights: First Nine Months 202 2 Compared to Thatof 20 21
• Revenue increased by 3% to US$851.0million from US$825.3 million for the same period in 2021.
• Mine operating earnings increased by 2%to US$298.9 million from US$292.3 million for the same period in2021.
• Net income decreased by 16% to US$176.9million from US$209.9 million for the same period in 2021 mainly dueto foreign exchange loss.
• Cash flow from operation decreased by 9%to US$358.2 million from US$393.9 million for the same period in2021.
• Total gold production slightly decreasedby 2% to 178,844 ounces from 182,034 ounces for the same period in2021.
• Total copper production decreased lessthan 1% to 142.3 million pounds (64,532 tonnes) from 143.3 millionpounds (65,013 tonnes) for the same period in 2021.
• The Company continues to focus itsefforts on optimizing the operation at both mines, stabilizing theJiama Mine’s production and potentially extending the mine life ofthe CSH Mine basing on the new underground gold resourcesanchored.
• The Company has been taking effectivemeasures to prevent and control the COVID-19 pandemic. Both of theCompany’s mines have been able to operate and sell products duringthe nine months ended September 30, 2022. The Company continues toclosely monitor the health of its employees and supply chains to beable to respond to any potential disruptions, should any arise. TheCompany is also managing its cash reserves to beable to withstand any financial ramifications of potentialdisruptions.
The Company’s Chairman and CEO, Mr. Junhu Tong, said,“The mining industry is complex and ever-changing, and the marketenvironment is extremely challenging in 2022. China Gold InternationalResources has made every effort to stabilize operation, strengthenmanagement, and avoid risks, and has basically maintained stableproduction and performance in the first three quarters. The resultsachieved are hard to come by. In the future, the management team willcontinue to be committed to strategic development and operationaloptimization, consolidate the resource base, tap growth potential,promote the quality of the Company, and return shareholders with valuecreation.”
AboutChina Gold International Resources
China Gold International Resources is a gold and base metal miningcompany incorporated in BC, Canada and operates two mines, the CSHGold Mine in Inner Mongolia, China and the Jiama Copper- Gold Polymetallic Mine in Tibet, China.The Company’s objective is to build shareholder value throughgrowing production at its current mining operations, expanding itsresource base, and acquiring and developing new projectsinternationally. The Company is listed on the Toronto Stock Exchange( Stock Code : CGG) and theMain Board of The Stock Exchange of Hong Kong Limited ( Stock Code : 2099).
Cautionary Note About Forward-Looking Statements
Certain information regarding ChinaGold International Resources contained herein may constituteforward-looking statements within the meaning of applicable securitieslaws. Forward-looking statements may include estimates, plans,expectations, opinions, forecasts, projections, guidance or otherstatements that are not statements of fact. Although China GoldInternational Resources believes that the expectations reflected insuch forward-looking statements are reasonable, it can give noassurance that such expectations will prove to have been correct.China Gold International Resources cautions that actual performancewill be affected by a number of factors, most of which are beyond itscontrol, and that future events and results may vary substantiallyfrom what China Gold International Resources currently foresees.Factors that could cause actual results to differ materially fromthose in forward-looking statements include market prices,exploitation and exploration results, continued availability ofcapital and financing and general economic, market or businessconditions. The forward-looking statements are expressly qualified intheir entirety by this cautionary statement. The information containedherein is stated as of the current date and subject to change afterthat date.
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