JINFF - China Gold International Resources Reports 2023 Second Quarter and First Half Results
(TheNewswire)
Va ncou ve r, BC - TheNewswire - August 14 , 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 rt h e “ C o m p a n y ” ) is p l eas ed t o report financial and operational results for the threemonths (“ Q2 ” or “ secondquarter ”) and six months (“ first half ” or “ six months ” ) ended June 30, 202 3 . This news release should be read in conjunction with theCompany’s Financial Statements, 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’swebsite at www.sedar.com, The Stock Exchange of Hong Kong Limited’swebsite 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.
202 3 SECOND QUARTER OPERATION AND FINANCIAL HIGHLIGHTS
• Revenue decreased by 75% to US$73.0million from US$292.0 million for the same period in 2022.
• Mine operating loss of US$ 6.2 million ,decreased by 105 % from mine operating earnings ofUS$ 117.7 million for thesame period in 2022.
• Net loss of US$53. 3 million, decreased by 165% orUS$135. 0 million from net income of US$81.7million for the same period in 2022.
• Cash flow used inoperation of US$73.5 million, decreased by 168% from cash flow fromoperation of US$107.6 million for the same period in 2022.
• Total gold production decreased by 44 % to 36,490 ounces from 65,527 ounces for the same period in2022.
• Total copper production was nil as allproduction was halted at the Jiama M ine. Copper production was 47.1 million pounds (approximately 21,356 tonnes) for the same period in 2022.
202 3 FIRST HALF OPERATION AND FINANCIALHIGHLIGHTS
• Revenue decreased by 45% to US$325.8million from US$596.0 million for the same period in 2022.
• Mine operating earnings decreased by 57 % to US$ 96.6 million from US$ 223.2 million for the same period in2022.
• Net income of US$25.3 million, decreasedby 84% or US$128.2 million from US$1 53.5 million for the same period in2022.
• Cash flow fromoperation decreased by 80% to US$54.2 millionfrom US$268.4 million for the same period in 2022.
• Total gold production decreased by 28 % to 89,317 ounces from 124,110 ounces for the same period in 2022.
• Total copper production decreased by 54% to 44.1 million pounds (approximately 20,019 tonnes) from 95.4 million pounds (approximately 43,279 tonnes) for the same period in 2022.
The decrease in net profit is mainly attributable tothe suspension of the production of the Jiama Mine since March 27,2023 due to the overflow at the Guolanggou tailings pond . As a result of the suspension, theCompany did not record any product sales from the Jiama Mine during 2023 Q2 , with the exception of a minoramount of molybdenum, leading to a sharp decline in the Company’snet profit for the first half of 2023.
The repair and major reinforcement works of tailingsdam have been completed and some reinforcement works are still in thefinal stage. The Company is committed to submitting a safetyassessment report to the regulatory authority on or around the end ofAugust 2023. The overall progress is on schedule with the timeline asdisclosed in the Company’s announcement dated on May 5, 2023.Production operations at CSH Gold Mine remain stable.
The Company’s Chairman and CEO, Mr. Junhu Tong,stated, “Due to the suspension of the production of the Jiama Mine, the Company’sperformance for the first half of 2023 showed an expected decline. TheCompany is actively striving for an early resumption of production ofJiama Mine. At CSH Gold Mine, while continuing to maintain a highproduction level, we are vigorously advancing the development of thedeeper underground resources to create additional value and extend themine life. We will continue to operate our business with a high degreeof responsibility. Thanks to our shareholders and stakeholders fortheir understanding and support.”
About China GoldInternational 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 (HKEx: 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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