China Gold posts higher net income in third quarter despite lower gold and copper production
(Kitco News) - China Gold International Resources (TSX: CGG) announced today that its total gold production decreased by 14% to 57,288 ounces in Q3 2021 from 66,799 ounces for the same period in 2020.
The company added that its total copper production decreased by 14% to 41.8 million pounds (18,947 tonnes) in Q3 2021 from 48.6 million pounds (22,029 tonnes) for the same period in 2020.
China Gold said that its mine operating earnings increased by 25% to US$82.6 million in Q3 2021 from US$66.1 million for the same period in 2020, whereas net income increased by 10% to US$52.2 million and cash flow from operation increased by 14% to US$117.5 million in Q3 2021.
Chairman and CEO Liangyou Jiang commented, "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."
"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," he noted.
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.
By Vladimir BasovFor Kitco News
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