BRIEF: China Gold International swings to profit in third quarter

Mining company China Gold International (2099.HK) reported it returned to the black in the third quarter, recording a profit of $27.9 million, compared with a loss of $30.8 million in the same period a year earlier. Its revenue increased 309% year-on-year to $254.6 million, as it boosted copper production with the resumed operations at its Jiama mine.

The company’s gold production increased 51% year-on-year to 50,160 ounces in the third quarter, while copper production rose to about 17,000 tons from nothing in the year-ago period. The company recorded a loss of $3 million in the first nine months of this year, compared to a loss of $5.5 million for the same period last year, while revenues increased 19% year-on-year to $463.1 million.

The company also announced the appointment of Hou Chenguang as an executive director and chairman and CEO of the company, effective Nov. 14.

By Lee Shih Ta

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