China Gold boosts cash flow 964% on strong production in first quarter
(Kitco News) - China Gold International (TSX: CGG) announced today that its total gold production in China increased by 3% to 53,521 ounces in Q1 2021 from 51,829 ounces in Q1 2020, and total copper production increased by 37% to 48.9 million pounds (22,191 tonnes) from 35.7 million pounds.
The company’s revenue increased by 83% to US$272.1 million from US$148.6 million for the same period in 2020. Mine operating earnings increased by 360% to US$83.8 million from US$18.2 million.
Net income was US$57.0 million, an increase of US$65.7 million, from a net loss of US$8.7 million for the same period in 2020. Cash flow from operations increased by 964% to US$170.2 million from US$16.0 million.
The company pointed out that the best quarterly performance in the company’s history was achieved in the first quarter of 2021, as it continued to maintain good momentum of development.
China Gold International Resources is a gold and base metal mining company incorporated in Vancouver, BC, Canada and operates two mines, the CSH gold mine in Inner Mongolia, China and the Jiama copper-polymetallic mine in Tibet, China.