CGG:CC - China Gold International Resources Reports 2023 First Quarter Results
(TheNewswire)
Va ncou ve r, BC - TheNewswire - May 15 , 202 3 - C h i n a G o l d I n t e rn a ti o na l R es o u r c es C o rp . L t d . ( T S X :C G G ) ( H KE X : 2099 ) (“ C h i n a G o ld I n t e r na t i ona l R es o u r c e s ” o r t h e “ C o m p a n y ” ) is p l eas ed t o report financial and operational results for the threemonths ended March 31, 2023 (“ Q1 ”, “ first quarter ” or“ first quarter of2023 ”). This news release should be read inconjunction with the Company’s Financial Statements, Notes to theFinancial Statements and Management’s Discussion and Analysis(“ MD&A ”).
For detailed information, please read the Company’sFinancial Statements and MD&A for the quarter ended March 31, 2023which are available on SEDAR’s website at www.sedar.com, The StockExchange of Hong Kong Limited’s website at www.hkex.com.hk, theCompany's website at www.chinagoldintl.com, or call the Company at+1-604-609-0598 and email to info@chinagoldintl.com.
2023 FIRST QUARTER FINANCIAL HIGHLIGHTS
• Revenue decreased by 17% to US$252.8million from US$304.0 million for the same period in 2022.
• Mine operating earnings decreased by 3%to US$102.7 million from US$105. 5 million for the same period in 2022.
• Net income increased by 10% to US$ 78.7 million from US$71.8 million forthe same period in 2022.
2023 FIRST QUARTERPRODUCTION AND OPERATION HIGHLIGHTS
•Total gold production decreased by 10% to 52,827ounces from 58,583 ounces for the same period in 2022.
•Total copper production decreased by 9% to 44.1million pounds (approximately 20,025 tonnes) from 48.3 million pounds(approximately 21,923 tonnes) for the same period in 2022.
•The total production cost of gold of CSH Gold Minedecreased by 13% to US$1,339 per ounce from US$1,537 and the cashproduction cost of gold decreased by 26% to US$712 per ounce fromUS$961 for the same period in 2022.
•The total production cost of copper per pound afterby-products of Jiama Mine decreased by 22% to US$1.67 from US$2.13 andcash production cost of copper per pound after by-product decreased by34% to US$0.96 from US$1.46 for the same period in 2022.
•On March 27, 2023, an overflow occurred at theGuolanggou Tailings Dam at Jiama Mine. The Company quickly containedand repaired the breach to ensure no damage to the environment orneighboring communities. Subsequent to the overflow, Jiama Mine hassuspended its operations while the Company takes the opportunity toconduct a comprehensive safety assessment of and repair work on itstailings dam with the assistance and supervision of government safetyauthorities. Due to the uncertainty of the date of resumption ofproduction at Jiama Mine, the Company has withdrawn its annual production guidance for 2023 as set outin the announcement of the Company dated January 20, 2023. Once theimpact of tailings overflow on the operation can be more clearlyevaluated, the Company will re-issue its production guidance.
The Company’s Chairman and CEO, Mr. Junhu Tong,stated, “In the first quarter of 2023, the C ompany maintained a stable performance,achieved positive results in cost control and materially improvedoperating profit margin. The Company has been giving great attentionand efforts on the overflow occurred at the tailings dam at Jiama Mineand is doing its best to conduct a comprehensive safety assessment andrepair work and strive for an early resumption of production; At CSHGold Mine, while continuing to maintain a high production level, weare vigorously advancing the development of the deeper undergroundresources to create additional value and extend the mine life. We willcontinue to operate our business with a high degree of responsibility.Thanks to our shareholders and stakeholders for their understandingand support.”
AboutChina Gold International Resources
China Gold International Resources is a gold and basemetal mining company incorporated in BC, Canada and operates twomines, the CSH Gold Mine in Inner Mongolia, China and the JiamaCopper-Gold Polymetallic Mine in Tibet, China. The Company’sobjective is to build shareholder value through growing production atits current mining operations, expanding its resource base, andacquiring and developing new projects internationally. The Company islisted on the Toronto Stock Exchange (TSX: CGG) and the Main Board ofThe Stock Exchange 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 NoteAbout 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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