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
To subscribe to Bamboo Works free weekly newsletter, click here
