Gelonghui, May 16 | China Gold International (02099.HK) announced its results for the first quarter of 2024, with revenue down 76% year on year; mine operating loss was US$11.5 million, and mine operating profit for the same period in 2023 was US$102.7 million; net loss was US$26 million, net profit for the same period in 2023 was US$77.7 million; operating cash inflow decreased from US$127.7 million to US$7.2 million; gold production decreased by 61% to US$60.5 million from 52,827 ounces in the same period in 2023 20,714 oz. Due to the gradual resumption of production at the Jiama mine on December 15, 2023, copper production in the first quarter of 2024 was 4.6 million pounds (about 2,093 tons). Copper production for the same period in 2023 was 44.1 million pounds (about 20,025 tons).
The decline in production and profit in the first quarter was mainly due to the suspension of operations at the Jiama mine and lower production than expected due to the cold climate and lower mining volume last year at the Changshan Dou mine. Currently, the company is preparing to fully resume production at the Jiama mine, and is expected to obtain final approval from the government to resume production by the end of May 2024.
Mr. Tong Junhu, Chairman of the Board of Directors and CEO of the company, commented, “In the first quarter of 2024, CICC International's performance continued to be adversely affected by the suspension of operations at the Jiama mine. As production at the Jiama Mine Phase I Plant gradually stabilizes, on the premise of ensuring that safety and environmental protection measures are fully implemented and approved by the government, the company expects the Jiama Mine Phase II to fully resume production within May. Despite the negative impact of the cold weather in the first quarter on the production of the Changshan Trench Mine, we are confident that production at the Changshan Trench Mine will return to normal levels in the second quarter. Preparations for the development of deep resources at the Changshan Trench Mine are progressing in an orderly manner, and significant progress has been made. We will continue to carry out production and operation with a high sense of responsibility, and thank our shareholders and all parties concerned for their understanding and support.”
