Mr. Junhu Tong reports
CHINA GOLD INTERNATIONAL RESOURCES REPORTS 2023 YEAR-END RESULTS AND PROVIDES 2024 GUIDANCE
China Gold
International Resources
Corp. Ltd. has released its
2023 year-end results
and
provided
2024 guidance.
For detailed information, please read the company's financial statements and management discussion and analysis for the year ended Dec. 31, 2023, which are available on SEDAR+, the Stock Exchange of Hong Kong Ltd.'s website, the company's website, call the company at 1-604-609-0598 or e-mail to info@chinagoldintl.com.
Financial, production and operation highlights
2023 fourth quarter
- Revenue decreased by 72 per cent to $71.3-million (U.S.) from $253.9-million (U.S.) for the same period in 2022.
- Mine operating loss of $1.9-million (U.S.)
decreased
by $98.5-million from mine operating earnings of $96.6-million (U.S.) for the same period in 2022.
- Net loss of $17.5-million (U.S.)
decreased by $66-million (U.S.) from net income of $48.5-million (U.S.) for the same period in 2022.
-
Cash flow used in operation of $20.9-million (U.S.) decreased
from cash flow from operation of $89.1-million (U.S.) for the same period in 2022.
- Total gold production
decreased
by
57 per cent to
25,500
ounces from
59,992
ounces for the same period in 2022.
- Total copper production was 184,077 pounds (approximately 83 tonnes) as limited production at the Jiama mine resumed on Dec. 15, 2023. Copper production was 45.1 million pounds
(approximately
20,472
tonnes) for the same period in 2022.
2023 annual
results
- Revenue decreased by 58 per cent to $459.4-million (U.S.) from $1,104.9-million (U.S.) for the same period in 2022.
- Mine operating earnings
decreased
by
80 per cent to $80.4-million (U.S.) from $395.6-million for the same period in 2022.
- Net loss of $23-million (U.S.) decreased from net income of $225.4-million (U.S.) for the same period in 2022.
-
Cash flow from operation decreased
to $1.6-million (U.S.) from $447.3-million (U.S.) for the same period in 2022.
- Total gold production
decreased
by
38 per cent to
147,963
ounces from
238,836
ounces for the same period in 2022.
- Total copper production decreased by
76 per cent
to
44.2 million pounds (approximately
20,051
tonnes) from
187.4
million pounds
(approximately
85,004
tonnes) for the same period in 2022.
2024
guidance
The Jiama
mine gradually resumed production starting from the phase I processing plant on Dec. 15, 2023, with a daily processing capacity of 6,000 tonnes of ore. As the resumption of the phase II processing plant is subject to the results of the government's review of the tailings discharge scheme, the timing of resumption is uncertain. Against this backdrop, the company reports
separate production guidance to the two mines in 2024.
Chang Shan Hao (CSH) mine:
-
It is expected that the gold production range will be 106,097 ounces to 112,528 ounces (approximately 3.3 tonnes to 3.5 tonnes) in 2024.
Jiama mine:
- The company expects to receive the government's
approval for the resumption of operations at the beginning of May,
2024. Upon receipt of the approval, Jiama mine will resume production at the phase II plant's designed processing capacity of approximately 34,000 tonnes per day (tpd). Given that the actual timing of the production resumption depends on the final date of the government's
approval, the annual production guidance is subject to uncertainty.
-
It is expected that the copper production range will be
95
million
pounds to
98 million pounds (approximately 43,200 tonnes to
44,500 tonnes) in 2024.
-
It is expected that the gold production range
will be 42,439
ounces to
45,333
ounces (approximately 1.32
tonnes to 1.41
tonnes) in 2024.
The company's chairman and chief executive officer, Junhu Tong, said: "Despite the severe challenges faced by the company in 2023, our team has maintained a tenacious working spirit and completed some critical objectives, including the resumption of the phase I processing plant of the Jiama mine and the return of mining at the CSH mine to normal levels. In 2024, the company will focus on promoting the full resumption of the Jiama mine as soon as possible, maintaining the stable operation of the CSH gold mine, and strictly controlling the cost level to fully improve the company's production and financial performances."
About China Gold International Resources Corp. Ltd.
China Gold International Resources is a gold and base metal mining company incorporated in British Columbia, Canada, and operates two mines, the Chang Shan Hao gold mine in Inner Mongolia, China, and the Jiama copper-gold polymetallic mine in Tibet, China. The company's objective is to build shareholder value through growing production at its current mining operations, expanding its resource base, and acquiring and developing new projects internationally.
We seek Safe Harbor.
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