(Kitco News) - China Gold International Resources (TSX: CGG) reported yesterday that its Q3 2022 total gold production decreased by 4% to 54,734 ounces from 57,288 ounces for the same period in 2021.
The company’s total copper production increased by 12% to 46.9 million pounds (21,254 tonnes) from 41.8 million pounds (18,947 tonnes) for the same period in 2021.
China Gold said that its Q3 2022 revenue increased by 3% to US$255.0 million from US$248.3 million for the same period in 2021, adding that mine operating earnings decreased by 8% to US$75.7 million from US$82.6 million for the same period in 2021.
The company also reported that Q3 2022 net income decreased by 55% to US$23.4 million from US$52.2 million for the same period in 2021 mainly due to the decrease of metal price and foreign exchange loss.
Chairman and CEO Junhu Tong stated, “The mining industry is complex and ever-changing, and the market environment is extremely challenging in 2022. China Gold International Resources has made every effort to stabilize operation, strengthen management, and avoid risks, and has basically maintained stable production and performance in the first three quarters.
“The results achieved are hard to come by. In the future, the management team will continue to be committed to strategic development and operational optimization, consolidate the resource base, tap growth potential, promote the quality of the company, and return shareholders with value creation.”
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.
