China Gold International Resources Reports 2024 Second Quarter and First Half Results
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 2024 Second Quarter and First Half Results
VANCOUVER, August 14, 2024 - China Gold International Resources Corp. Ltd. (TSX: CGG;
HKEX: 2099) (“China Gold International Resources” or the “Company”) reports financial
and operational results for the three months (“ Q2” or “second quarter”) and six months (“first
half” or “six months”) ended June 30, 2024. This news release should be read in conjunction
with the Company’s Financial Statements, Notes to the 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 website 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 [email protected].
2024 SECOND QUARTER OPERATION AND FINANCIAL HIGHLIGHTS
⚫ Revenue of US$148.0 million up from US$73.0 million for the same period in 2023 , an
increase of 103%.
⚫ Mine operating earnings of US$29.4 million up from mine operating loss of US$6. 2 million
for the same period in 2023, an increase of US$35.6 million.
⚫ Net loss of US$4.8 million, decreased by US$48.5 million from net loss of US$53.3 million
for the same period in 2023.
⚫ Cash flow from operation of US$80.9 million, compared to a negative operating cash flow of
US$73.5 million for the same period in 2023.
⚫ Total gold production of 31,373 ounces compared to 36,069 ounces for the same period in
2023, down by 13%.
⚫ Total copper production was 18.6 million pounds (approximately 8,454 tonnes). There was
no copper production for the same period in 2023.
2024 FIRST HALF OPERATION AND FINANCIAL HIGHLIGHTS
⚫ Revenue of US$208.5 million , down by 36% from US$325.8 million for the same period in
2023.
⚫ Mine operating earnings of US$17.9 million compared to operating earnings of US$ 96.6
million for the same period in 2023, down by US$78.7 million.
⚫ Net loss of US$ 30.9 million compared to a net income of US$25.3 million for the same
period in 2023, down by US$56.2 million.
China Gold International
Resources Corp. Ltd.
Suite 660, One Bentall Centre
505 Burrard Street, Box 27
Vancouver, BC
Canada V7X 1M4
⚫ Cash flow from operation of US$88.1 million compared to US$54.2 million for the same
period in 2023, up by US$33.9 million.
⚫ Total gold production of 52,087 ounces, down from 89,317 ounces for the same period in
2023, a decrease by 42%.
⚫ Total copper production of 23.3 million pounds (approximately 10,547 tonnes) compared to
44.1 million pounds (approximately 20,019 tonnes) for the same period in 2023.
The decrease in production and profit was mainly attributed to the suspension of operations of
the Jiama Mine following the overflow at the Guolanggou tailings pond on March 27, 2023.
Operations began to gradually recommence as of December 15, 2023. The Phase II processing
plant with a daily processing capacity of 34,000 tonnes resumed operations on May 30, 2024.
The Phase I processing plant which had been in operation during the production ramp up phase
ceased operations.
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
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
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.