CGG:CC - China Gold International Resources Reports 2022 Year-End Results Provides 2023 Outlook and Declares Dividend
(TheNewswire)
VANCOUVER – TheNewswire- March 30, 202 3 – China Gold InternationalResources Corp. Ltd. (TSX:CGG ) ; ( HKE X :2099)( “ China Gold International Resources ” or the“ Company ” ) is pleased to report202 2 Year-End Results, provide 202 3 Outlook and declare special dividend.
FINANCIAL, PRODUCTION AND OPERATION HIGHLIGHTS
202 2 FOURTH QUARTER
• Revenue de creased by19% to US$ 253.9 million compared toUS$ 312.0 million for thesame period in 20 21 .
• Mine operating earnings de creased by 14 % to US$ 96.6 million from US$ 111.8 million for the same period in20 21 .
• Net income of US$ 48.5 million de crease d by 1 8 % fromUS$ 58.8 million for thesame period in 20 21 .
• Cash flow from operation increased by 281 % to US$8 9.1 million from US$ 23.4 million for the same period in20 21 .
• Total gold production de creased by 4% to 59, 992 ounces from 6 2, 2 7 8 ounces for thesame period in 20 21 .
• Total copper production de creased by 4 % to 45.1 million pounds(approximately 2 0 , 472 tonnes) from 47.1 million pounds(approximately 21,387 tonnes) for the same period in 20 21 .
202 2 ANNUAL RESULTS
• Revenue de creased by 3% to US$ 1,104.9 million compared to US$ 1 , 137.4 millionfor the same period in 20 21 .
• Mine operating earnings de creased by 2 % to US$ 395.6 million from US$ 404.1 million for the same period in20 21 .
• Net income of US$ 225.4 million de crease d by 16% from US$ 268.7 million for the same period in 20 21 mainly due to foreign exchange lossand Covid-19 prevention and control expense .
• Cash flow from operation increased by 7 % to US$ 447.3 million from US$ 417.3 million for the same period in20 21 .
• Total gold production slightly de creased by 2% to 238,836 ounces from 244,312 ounces for thesame period in 20 21 .
• Total copper production decreasedby less than 2% to 187.4 million pounds(approximately 85,004 tonnes) from 190.5 million pounds (approximately86,400 tonnes) for the same period in 2021 .
SPECIAL DIVIDEND
In connection with the Company’s financial resultsfor the year ended December 31, 202 2 , the Companyis pleased to announce the declaration of a special dividend ofUS$ 0.37 per common sharepayable on June 15 ,202 3 to shareholders ofrecord as of April 20, 202 3 . This dividendqualifies as an “eligible dividend” for Canadian income taxpurposes while dividends paid to shareholders outside Canada(non-resident investors) will be subject to Canadian non-residentwithholding taxes.
202 3 PRODUCTION ANDOPERATION OUTLOOK
• The consolidated gold production isanticipated to range between 241,130 ounces ( approximately 7.5 tonnes) and 244,34 5 ounces ( approximately 7.6 tonnes).
• Total copper production is planned torange between 1 90 millionpounds ( approximately 86 , 000 tonnes)and 19 2 million pounds( approximately 87 , 000tonnes).
• The Companycontinues to focus its efforts on optimizing the operation atboth mines, stabilizing the Jiama Mine’sproduction, and potentially extending the mine life of Chang ShanHao Gold Mine.
• To fulfill itsgrowth strategy, the Company continues to work with China National Gold Group Co.,Ltd. and other interested parties to identify international miningacquisition opportunities outside of China.
The Company’s Chairman and CEO, Mr. Junhu Tong , said, “2022 isundoubtedly a challenging year for China GoldInternational Resources .The C ompany has overcomemany difficulties such as sharp fluctuations in metal prices, and draconian measures andrestriction for the prevention and control of COVID-19 pandemic . The Company hasmade every effort to ensure the stability of production and operation, substantially achievingthe operating budget set at the beginning of last year . The C ompany'soverall capital structure has been further improved, and its cash flowgeneration capacity has been continuously enhanced. With the healthyorganic growth, the Company has accumulated sufficient anti-risk ability. In 2023, we will be more confidentto move towards with higher goals and continue to create value for ourshareholders.”
About China Gold InternationalResources
China Gold International Resources is a gold and basemetal mining company incorporated in BC, Canada and operates twomines, the C hang Shan Hao Gold Mine in Inner Mongolia, China and the Jiama Copper-GoldPolymetallic Mine in Tibet, China. The Company’s objective is tobuild shareholder value through growing production at its currentmining operations, expanding its resource base, and acquiring anddeveloping new projects internationally. The Company is listed on theToronto Stock Exchange (TSX: CGG) and the Main Board of The StockExchange of Hong Kong Limited (HKE X : 2099).
For further information on the Company, please refer toSEDAR’s website at www.sedar.com, The Stock Exchange of Hong KongLimited’s website at www.hkex.com.hk, the Company's website atwww.chinagoldintl.com, or call the Company at +1-604-609-0598 andemail to info@chinagoldintl.com.
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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