China Gold International posts 19% decline in Q2 net income as gold and copper production down
(Kitco News) - China Gold International Resources (TSX: CGG) announced Monday that its total Q2 2022 gold production decreased by 8% to 65,527 ounces from 71,225 ounces for the same period in 2021.
According to a press-release, quarterly gold output at the CSH gold mine increased by 4% year-on-year; however, due to the adjustment of mining plan, the by-product gold output of Jiama mine decreased.
The company’s total copper production in Q2 2022 decreased by 11% to 47.1 million pounds (21,356 tonnes) from 52.6 million pounds (23,875 tonnes) for the same period in 2021 due to the adjustment of the mining plan of Jiama mine with increase in the utilization rate of low-grade ores.
China Gold said its Q2 2022 revenue decreased by 4% to US$292.0 million from US$304.9 million for the same period in 2021, adding that net income decreased by 19% to US$81.7 million from US$100.7 million for the same period in 2021, of which foreign exchange loss resulted in a decrease of US$16.5 million.
The company also noted that its Q2 2022 cash flow from operation increased by 1% to US$107.6 million from US$106.2 million for the same period in 2021.
China Gold International Resources is a gold and base metals mining company incorporated in BC, Canada, operating two mines, the CSH gold mine in Inner Mongolia, China and the Jiama copper-gold polymetallic mine in Tibet, China.