China Gold International Reports Extremely Challenging Market Environment
China Gold International Resources (TSX: CGG) said yesterday that its total gold output in the third quarter of 2022 fell by 4% to 54,734 ounces, down from 57,288 ounces in the same time in 2021.
Total copper output climbed by 12% to 46.9 million pounds (21,254 tonnes) in 2021, up from 41.8 million pounds (18,947 tonnes) in 2021.
China Gold reported a 3% increase in sales to US$255.0 million in Q3 2022 from US$248.3 million in the same period in 2021, but mine operating earnings fell 8% to US$75.7 million from US$82.6 million in the same period in 2021.
The firm also claimed that net income in Q3 2022 fell by 55% to US$23.4 million from US$52.2 million in the same period in 2021, owing to a drop in metal prices and foreign currency losses.
"The mining sector is complicated and ever-changing," said Chairman and CEO Junhu Tong, "and the market situation is particularly tough in 2022." In the first three quarters, China Gold International Resources made every effort to stabilize operations, enhance management, and prevent risks, resulting in essentially stable output and performance.
"The results obtained are difficult to come by. In the future, the management team will remain devoted to strategic development and operational optimization, as well as consolidating the resource base, tapping growth potential, promoting the company's quality, and returning value to shareholders."
China Gold International Resources is a gold and base metal mining business headquartered in British Columbia, Canada. The firm runs two mines: the CSH gold mine in Inner Mongolia, China, and the Jiama copper-gold polymetallic mine in Tibet, China.
Source; https:// www. chinagoldintl. com/investors/news_releases/index.php?content_id=498
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