China Gold International Resources Reports 2021 Third Quarter Results
China Gold International
Resources Corp. Ltd.
__________________________________________________________________
Tel: +1-604-609-0598 Fax: +1 -604-688-0598 E -mail: [email protected], www.chinagoldintl.com
Suite 660, One Bentall Centre
505 Burrard Street, Box 27
Vancouver, BC
Canada V7X 1M4
China Gold International Resources Reports 2021 Third Quarter Results
VANCOUVER, November 15, 2021 – China Gold International Resources Corp. Ltd.
(TSX: CGG; HKEx: 2099) (the “Company” or “China Gold International Resources”) is
pleased to report financial and operational results for the three months (“ Q3” or “ third
quarter 2021”) and nine months (“nine months 2021”) ended September 30, 2021. 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 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].
Selected Production and Financial Highlights: Q3 2021 Compared to Q3 2020
• Revenue increased by 3% to US$248.3 million from US$240.5 million for the same
period in 2020.
• Mine operating earnings increased by 25% to US$82.6 million from US$66.1 million
for the same period in 2020.
• Net income increased by 10% to US$52.2 million from US$47.6 million for the same
period in 2020.
• Cash flow from operation increased by 14% to US$ 117.5 million from US$103.3
million for the same period in 2020.
• Total gold production decreased by 14% to 57,288 ounces from 66,799 ounces for the
same period in 2020.
• Total copper production decreased by 14% to 41.8 million pounds ( 18,947 tonnes)
from 48.6 million pounds (22,029 tonnes) for the same period in 2020.
Selected Production and Financial Highlights: Nine Months 2021 Compared to Nine
Months 2020
• Revenue increased by 38% to US$825.3 million from US$598.2 million for the same
period in 2020.
• Mine operating earnings increased by 144% to US$292.3 million from US$119.8
million for the same period in 2020.
• Net income increased by 265% to US$209.9 million from US$57.5 million for the same
period in 2020.
• Cash flow from operation increased by 127% to US$ 393.9 million f rom US$173.7
million for the same period in 2020.
• Total gold production increased by 0.2% to 182,034 ounces from 181,671 ounces for
the same period in 2020.
• Total copper production increased by 10% to 143.3 million pounds (65,013 tonnes)
from 130.8 million pounds (59,317 tonnes) for the same period in 2020.
China Gold International
Resources Corp. Ltd.
__________________________________________________________________
Tel: +1-604-609-0598 Fax: +1-604-688-0598 E-mail: [email protected], www.chinagoldintl.com
Suite 660, One Bentall Centre
505 Burrard Street
Vancouver, BC
Canada V7X 1M4
-2-
• The Company continues to focus its efforts on optimizing the operation at both mines,
stabilizing the Jiama Mine’s production and potentially extending the mine life of the
CSH Mine.
• The Company has not experienced any significant impact on its operation s by the
COVID-19 pandemic. Both of the Company’s mines have been able to operate and
sell products without significant interruption during the nine months ended September
30, 2021. The Company continues to closely monitor the health of its employees and
supply chains to be able to respond to any potential disruptions, should any arise. The
Company is also managing its cash reserves to be able to withstand any financial
ramifications of potential disruptions.
The Company’s Chairman and CEO, Mr. Liangyou Jia ng, said, “The performance of the
Company in the third quarter has been steadily improving. Revenue, mine operating profit,
and net profit are all higher than the same period in 2020 ; operating cash flow has
maintained strong growth , which means we are continuing to create value for
shareholders. Taking advantage of high metal prices in the third quarter of 2021, we
increased the utilization rate of low -grade ores with operating costs being strictly
controlled. We adopted a flexible mining plan, which is responsive and tailored to the
market conditions. The flexible mining plan can effecti vely maintain the stability of our
operation results, and reduce the impact and risk of metal price fluctuations to ensure
sustainable growth in our operation performance. We are confident that the Company can
meet or even exceed the annual gold and copper production guidelines issued at the
beginning of the year, and continue to reward shareholders with outstanding
performance.”
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 g rowing 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).
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 forwar d-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 informati on contained herein is stated as of the current
date and subject to change after that date.