China Gold International Resources Reports 2023 Year-End Results and Provides
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 Year-End Results and Provides
2024 Guidance
VANCOUVER, March 28, 2024 – China Gold International Resources reports 2023
Year-End Results and provides 2024 Guidance.
For detailed information, please read the Company’s financial statements and
Management Discussion and Analysis for the year ended December 31, 2023 which are
available on SEDAR 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, call the
Company at +1-604-609-0598 or email to [email protected].
FINANCIAL, PRODUCTION AND OPERATION HIGHLIGHTS
2023 FOURTH QUARTER
• Revenue decreased by 72% to US$71.3 million from US$253.9 million for the same
period in 2022.
• Mine operating loss of US$1.9 million, decreased by US$98.5million from mine
operating earnings of US$96.6 million for the same period in 2022.
• Net loss of US$17.5 million, decreased by US$66.0 million from net income of
US$48.5 million for the same period in 2022.
• Cash flow used in operation of US$20.9 million, decreased from cash flow from
operation of US$89.1 million for the same period in 2022.
• Total gold production decreased by 57% 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 December 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% to US$459.4 million from US$1,104.9 million for the
same period in 2022.
• Mine operating earnings decreased by 80% to US$80.4 million from US$395.6
million for the same period in 2022.
• Net loss of US$23.0 million decreased from net income of US$225.4 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
• Cash flow from operation decreased to US$1.6 million from US$447.3 million for
the same period in 2022.
• Total gold production decreased by 38% to 147,963 ounces from 238,836 ounces
for the same period in 2022.
• Total copper production decreased by 76% 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 has gradually resumed production starting from the Phase I processing
plant on December 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.
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 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 government’s approval, the
annual production guidance is subject to uncertainty.
• It is expected that the copper production range will be 95.0 million pounds to 98.0
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 CEO, Mr. 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.”
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 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. The Company is listed on the Toronto Stock Exchange
(TSX: CGG) and the Main Board of The Stock 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 International 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 materially 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.