China Gold International Resources Reports 2023 Second Quarter and First Half
China Gold International
Resources Corp. Ltd.
Suite 660, One Bentall Centre
505 Burrard Street, Box 27
Vancouver, BC
Canada V7X 1M4
China Gold International Resources Reports 2023 Second Quarter and First Half
Results
VANCOUVER, August 14, 2023 - China Gold International Resources Corp. Ltd. (TSX:
CGG; H KEX: 2099) (“China Gold I nternational Resources” or t he “Company”) is
pleased to report financial and operational results for the three months (“ Q2” or
“second quarter”) and six months (“ first half” or “six months”) ended June 30, 202 3.
This news release should be read in conjunction with the Company’s Financial
Statements, Notes to th e Financial Statements and Management’s Discussion and
Analysis (“MD&A”).
For detailed information, please read the Company’s Financial Statements and MD&A
which are available on SEDAR’s website at www.sedar.com, The Stock Exchange of
Hong Kong Limited’s w ebsite at www.hk ex.com.hk, the Company's website at
www.chinagoldintl.com, or call the Company at +1 -604-609-0598 and email to
2023 SECOND QUARTER OPERATION AND FINANCIAL HIGHLIGHTS
• Revenue decreased by 75% to US$73.0 million 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 of US$117.7 million for the same period in 2022.
• Net loss of US$53. 3 million, decreased by 165% or US$135. 0 million from net
income of US$81.7 million for the same period in 2022.
• Cash flow used in operation of US$73.5 million, decreased by 168% from cash flow
from operation 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 in 2022.
• Total copper production was nil as all production was halted at the Jiama Mine.
Copper production was 47.1 million pounds (approximately 21,356 tonnes) for the
same period in 2022.
2023 FIRST HALF OPERATION AND FINANCIAL HIGHLIGHTS
• Revenue decreased by 45% to US$325.8 million from US$596.0 million for the same
period in 2022.
China Gold International
Resources Corp. Ltd.
Suite 660, One Bentall Centre
505 Burrard Street
Vancouver, BC
Canada V7X 1M4
• Mine operating earnings decreased by 57% to US$ 96.6 million from US$ 223.2
million for the same period in 2022.
• Net income of US$25.3 million, decreased by 84% or US$128.2 million from
US$153.5 million for the same period in 2022.
• Cash flow from operation decreased by 80% to US$54.2 million from 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 to the 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, the Company did not record an y product sales
from the Jiama Mine during 2023 Q2 , with the exception of a minor amount of
molybdenum, leading to a sharp decline in the Company’s net profit for the first half of
2023.
The repair and major reinforcement works of tailings dam have been completed and
some reinforcement works are still in the final stage. The Company is committed to
submitting a safety assessment report to the regulatory authority on or around the end
of August 2023. The overall progress is on schedule with the timeline as disclosed in
the Company’s announcement dated on M ay 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’s performance for the first half of 2023
showed an expected de cline. The Company is actively striving for an early resumption
of production of Jiama Mine. At CSH Gold Mine, while continuing to maintain a high
production level, we are vigorously advancing the development of the deeper
underground resources to create a dditional value and extend the mine life. We will
continue to operate our business with a high degree of responsibility. Thanks to our
shareholders and stakeholders for their understanding and support.”
China Gold International
Resources Corp. Ltd.
Suite 660, One Bentall Centre
505 Burrard Street
Vancouver, BC
Canada V7X 1M4
About China Gold International Resources
China Gold International Resources is a gold and base metal mining company
incorporated in BC, Canada and operates two mines, the CSH Gold Mine in Inner
Mongolia, China and the Jiama Copper -Gold Polymetallic Mine in Tibet, China. The
Company’s objective is to build s hareholder value through growing production at its
current mining operations, expanding its resource base, and acquiring and developing
new projects internationally. The Company is listed on the Toronto Stock Exchange
(TSX: CGG) and the Main Board of The S tock Exchange of Hong Kong Limited (HKEx:
2099).
For further information on the Company, please refer to SEDAR’s website at
www.sedar.com, The Stock Exchange of Hong Kong Limited’s website at
www.hkex.com.hk, the Company's website at www.chinagoldintl.com, or call the
Company at +1-604-609-0598 and email to [email protected].
Cautionary Note About Forward-Looking Statements
Certain information regarding China Gold International Resources contained herein may constitute
forward-looking statements within the meaning of applicable securities laws. Forward -looking statements
may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other
statements that are not statements of fact. Although China Gold Internat ional Resources believes that the
expectations reflected in such forward -looking statements are reasonable, it can give no assurance that
such expectations will prove to have been correct. China Gold International Resources cautions that
actual performance will be affected by a number of factors, most of which are beyond its control, and that
future events and results may vary substantially from what China Gold International Resources currently
foresees. Factors that could cause actual results to differ mat erially from those in forward -looking
statements include market prices, exploitation and exploration results, continued availability of capital and
financing and general economic, market or business conditions. The forward -looking statements are
expressly qualified in their entirety by this cautionary statement. The information contained herein is
stated as of the current date and subject to change after that date.