GCIR gold production increased by 24% in Q3
China Gold International Resources Corp Ltd (GCIR) reports on the Company’s financial and operational results for the three months (Q3) and nine months (9M) ended September 30, 2019. According to selected production and financial highlights of Q3 2019 compared to q3 2018 says, revenue increased by 17% to US$186.4 million from US$158.8 million for the same period in 2018.
Mine operating earnings decreased by 25% to US$26.3 million from US$35.1 million for the same period in 2018. Net loss after tax decreased from US$4.6 million for the 2018 period to US$0.3 million for the same period in 2019. Total gold production increased by 24% to 63,113 ounces from 50,860 ounces for the same period in 2018.
Total copper production increased by 11% to 18,347 tonnes (approximately 40.4 million pounds) from 16,515 tonnes (approximately 36.4 million pounds) for the same period in 2018. Selected Production and Financial Highlights: Nine Months 2019 Compared to Nine Months 2018.
Revenue increased by 21% to US$495.1 million from US$407.6 million for the same period in 2018. Mine operating earnings decreased by 37% to US$48.8 million from US$77.4 million for the same period in 2018.
Net loss after tax increased from US$2.2 million for the 2018 period to US$27.8 million for the same period in 2019.
Total gold production increased by 7% to 162,640 ounces from 151,502 ounces for the same period in 2018.
Total copper production increased by 32% to 49,306 tonnes (approximately 108.7 million pounds) from 37,313 tonnes (approximately 82.3 million pounds) for the same period in 2018.
Mr. Liangyou Jiang, the CEO and Executive Director of the Company, stated, “The Company will continue to leverage the technical and operating experience of the Company’s substantial shareholder, China National Gold Group Corporation, to improve operations at its mines. In addition, the Company continues to focus its efforts on increasing production while minimizing costs at both mines”.
