Financial Performance - Sales revenue for the six months ended June 30, 2024, was $208.498 million, a decrease of 36% compared to $325.794 million for the same period in 2023[2]. - The company reported a net loss of $30.892 million for the six months ended June 30, 2024, compared to a profit of $25.321 million in the same period of 2023[2]. - Basic loss per share was $(7.99) cents for the six months ended June 30, 2024, compared to earnings of 6.08 cents per share in the prior year[2]. - Sales revenue for the three months ended June 30, 2024, increased by 103% to $148.0 million, compared to $73.0 million in the same period of 2023[8]. - Mining operating profit rose to $29.4 million, a significant increase of $35.6 million from a mining operating loss of $6.2 million in the same period of 2023[8]. - Net loss decreased to $4.8 million, down $48.5 million from a net loss of $53.3 million in the same period of 2023[8]. - Mining operating profit for the first half of 2024 was $17.9 million, a decrease of $78.7 million from $96.6 million in the same period of 2023[22]. - The company reported a net loss of $30.9 million, a decrease of $56.2 million compared to a net profit of $25.3 million in the same period of 2023[25]. - The company reported a total comprehensive income of $(7,965) thousand for the six months ended June 30, 2024[95]. Production and Sales - Total gold production for the six months ended June 30, 2024, decreased by 42% to 52,087 ounces, compared to 89,317 ounces in the same period of 2023[10]. - Copper production for the six months ended June 30, 2024, was 23.3 million pounds, a decrease of 47% from 44.1 million pounds in the same period of 2023[10]. - Gold sales from the Changshanhao mine amounted to $91.3 million, down $46.4 million from $137.8 million in the same period of 2023, with gold sales volume at 39,951 ounces compared to 71,179 ounces in 2023[22]. - Copper sales from the Jiama mine were $117.2 million, a decrease of $70.8 million from $188.0 million in the same period of 2023, with total copper sales of 10,427 tons compared to 18,656 tons in 2023[22]. - The company has withdrawn its annual production guidance for 2023 due to uncertainties surrounding the full resumption of operations at the Jiamar mining area following a tailings spill incident[11]. Cash Flow and Liquidity - Operating cash flow for the six months ended June 30, 2024, was $88.091 million, an increase of 62.5% from $54.175 million in the same period of 2023[2]. - The company reported a net cash inflow from operating activities of $80.89 million for the three months ended June 30, 2024, compared to a cash outflow of $73.54 million for the same period in 2023[56]. - The total cash and cash equivalents increased by $55.18 million for the three months ended June 30, 2024, compared to a decrease of $392.25 million in the same period of 2023[56]. - The company anticipates sufficient operating cash flow to cover planned capital expenditures and debt repayments over the next twelve months[51]. - The company reported a net cash inflow from financing activities of $33.4 million for the six months ended June 30, 2024, mainly due to borrowings of $117.5 million, offset by repayments of $83.8 million[60]. Expenses and Costs - General and administrative expenses increased to $10.6 million for the quarter ended June 30, 2024, from $7.9 million in the same period of 2023[20]. - Total sales cost for the quarter ended June 30, 2024, was $118.5 million, an increase of $39.3 million compared to $79.2 million in the same period of 2023[18]. - The company incurred mining costs of $25.2 million, milling costs of $32.3 million, and transportation costs of $2.1 million for the six months ended June 30, 2024[60]. - Financing costs decreased to $11.4 million in the first half of 2024 from $13.6 million in the same period of 2023, driven by strategic management of the loan portfolio[25]. - The company’s financing costs decreased to $5.722 million from $6.880 million, a reduction of 16.8% year-over-year[90]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to $2,898,052 thousand, up from $2,834,716 thousand as of December 31, 2023, indicating an increase of about 2.2%[93]. - Total liabilities increased to $1,190,004 thousand as of June 30, 2024, compared to $1,106,975 thousand as of December 31, 2023, reflecting an increase of approximately 7.5%[93]. - The company's total equity attributable to owners decreased to $1,708,048 thousand as of June 30, 2024, from $1,727,741 thousand as of December 31, 2023, a decline of about 1.1%[93]. - The company reported a net current asset value of $207,076 thousand as of June 30, 2024, compared to $170,759 thousand as of December 31, 2023, indicating an increase of about 21.1%[92]. - The total borrowings as of June 30, 2024, amounted to $795.8 million, with a cash balance of $157.6 million[51]. Mining Operations and Projects - The company plans to continue its development and expansion projects at the Changshan Gold Mine and the Jiama Copper-Gold Polymetallic Mine[5]. - The company holds a 96.5% interest in the Changshan Gold Mine and 100% ownership of the Jiama Mine, which contains significant copper and gold resources[7]. - The company resumed operations at the first phase of the processing plant on December 15, 2023, and the second phase resumed on May 30, 2024, with a daily processing capacity of 34,000 tons[17]. - The company is evaluating the potential for underground operations at Changshanhao Mine as the open-pit mining approaches the end of its life[32]. - The company has extended its mining rights for the Jiamar mining area for 20 years, expiring in October 2043, under a new agreement with the Tibet Autonomous Region[100]. Shareholder and Governance - The company is committed to providing sustainable returns to shareholders, with dividends determined based on operating performance, cash flow, and financial condition[73]. - The company’s major shareholder, China Gold Group Limited, holds approximately 40.01% of the issued shares, totaling 158,588,330 shares[81]. - The company’s internal controls over financial reporting have been assessed as effective as of June 30, 2024, ensuring timely recording and reporting of financial information[75]. - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange rules for the six months ended June 30, 2024[148]. - The audit committee reviewed the financial statements for the six months ended June 30, 2024, confirming compliance with applicable accounting standards[150].

Investment Rating - The report assigns an "Outperform" rating to China Gold International Resources (2099 HK) [4] Core Views - The company is a state-owned gold and copper resource platform under China Gold Group, a central SOE directly supervised by SASAC [1] - Key assets include Chang Shan Hao Gold Mine (96 5% stake) and Jiama Copper-Gold Polymetallic Mine (100% stake) [1] - The company has maintained a high dividend payout policy, with dividend payout ratios of 42%/37%/66% in 2020-2022 and dividend yields of 8 3%/9 3%/12 7% respectively [4] - Growth strategy focuses on strategic acquisitions, leveraging China Gold Group's international project pipeline and partnerships with other mining companies [4] - The company is expected to benefit from resource revaluation amid rising gold and copper prices, with Jiama mine's resumption driving profitability recovery [4] Financial Projections - Revenue is projected to grow from $742 52 million in 2024E to $1,319 32 million in 2026E, with YoY growth rates of 61 62%/61 77%/9 84% [5] - Net profit is forecasted to recover from -$25 50 million in 2023 to $399 24 million in 2026E [5] - EPS is expected to increase from -$0 06 in 2023 to $1 01 in 2026E [5] - ROE is projected to improve from -1 5% in 2023 to 18 8% in 2026E [5] - The company is valued at 1 9-2 0x 2024E PB, implying a target price range of HK$65 09-68 51 [4] Operational Assumptions - Gold price assumptions: $2,300/$2,415/$2,536 per ounce for 2024-2026 [6] - Copper price assumptions: $9,400/$9,870/$10,364 per ton for 2024-2026 [6] - Chang Shan Hao Gold Mine: Gold sales volume projected at 3 5/3 4/3 4 tons for 2024-2026, with revenue growth of 2%/3%/5% and gross margins of 37%/39%/41% [6] - Jiama Copper-Gold Polymetallic Mine: Copper sales volume projected at 44k/80k/85k tons and gold sales at 1 4/2 6/2 8 tons for 2024-2026, with revenue growth of 134%/93%/11% and gross margins of 32%/44%/49% [6] Peer Comparison - Compared to peers like Zijin Mining (2899 HK), CMOC (3993 HK), and Zhaojin Mining (1818 HK), China Gold International has lower valuation multiples [8] - The company's 2024E PE of 178 47x is higher than peers' average of 35 5x, while its 2024E PB of 11 94x is significantly higher than peers' average of 2 5x [8]

Financial Performance - Sales revenue decreased by 76% to $60.5 million from $252.8 million in the same period of 2023[8] - Net loss amounted to $26.0 million, a decrease of $104.7 million from a net profit of $78.7 million in the same period of 2023[8] - Operating cash flow decreased to $7.2 million from $127.7 million in the same period of 2023[8] - The company reported a net loss of $26,048,000 for the three months ended March 31, 2024, compared to a profit of $78,659,000 in the same period of 2023[60] - Basic loss per share for the three months ended March 31, 2024, was $(6.63), compared to earnings of $19.62 per share in the same period of 2023[84] Production and Operations - Total gold production decreased by 61% to 20,714 ounces from 52,827 ounces in the same period of 2023[8] - Total copper production was 4.6 million pounds (approximately 2,093 tons), down from 44.1 million pounds (approximately 20,025 tons) in the same period of 2023[8] - The decrease in production and profit was primarily due to the suspension of operations at the Jiama mine following a tailings spill on March 27, 2023, with limited resumption starting on December 15, 2023[8] - The Jiama mine has resumed partial operations as of December 15, 2023, with a daily processing capacity of 6,000 tons from the first phase of the concentrator[10] - The Longshanhao mine is expected to reduce its mining rate in Q3 and Q4 2023 to enhance slope stability management, leading to a 51% decrease in gold production to 17,276 ounces in Q1 2024 compared to 35,291 ounces in Q1 2023[13] Costs and Expenses - The total production cost per ounce of gold rose by 23% to $1,653 in Q1 2024 from $1,339 in Q1 2023[13] - The total sales cost for gold was $28,157,089, with a cash production cost of $996 per ounce for the three months ended March 31, 2024, compared to $1,339 per ounce in the same period of 2023[20] - The total production cost per pound of copper rose to $11.54, up from $2.83 in the same quarter last year[14] - Cash production cost per pound of copper increased to $9.01 from $2.12 year-over-year[14] - General and administrative expenses totaled $9,096 thousand for the three months ended March 31, 2024, slightly down from $9,584 thousand in the same period of 2023[80] Revenue Breakdown - Copper sales revenue for the three months ended March 31, 2024, was $15.59 million, a decrease of 88.6% from $136.58 million in the same period of 2023[14] - Gold bar revenue was $36.166 million, down 45% from $66.415 million in the previous year[73] - Revenue from the sale of copper concentrate and other products to China National Gold Group was $24.0 million for the three months ended March 31, 2024, down from $173.6 million in the same period of 2023[50] Cash Flow and Financing - The net cash inflow from operating activities for the three months ended March 31, 2024, was $7.2 million, significantly lower than $127.7 million for the same period in 2023[39] - The net cash outflow from investing activities for the three months ended March 31, 2024, was $41.4 million, primarily due to land use rights and property, plant, and equipment purchases[41] - The net cash inflow from financing activities for the three months ended March 31, 2024, was $39.7 million, mainly from obtaining loans totaling $40.0 million[42] - The company's total debt as of March 31, 2024, was $805.4 million, with a debt-to-equity ratio of 0.47, up from 0.44 as of December 31, 2023[44] Assets and Liabilities - As of March 31, 2024, the company's accumulated earnings were $353.0 million, operating capital was $179.1 million, and total borrowings amounted to $805.4 million[36] - The company's cash and cash equivalents totaled $102.7 million, down from $553.0 million a year earlier[39] - Total liabilities increased to $1,148,168 thousand from $1,106,975 thousand, marking a growth of about 3.7%[62] - The equity attributable to owners decreased to $1,712,937 thousand from $1,727,741 thousand, a decline of approximately 0.86%[63] Future Outlook - The company anticipates gold production at the Longshanhao mine to be between 106,097 ounces and 112,528 ounces (approximately 3.3 tons to 3.5 tons) in 2024[11] - The company expects to receive government approval to resume operations at the Jiama mine in May 2024, with a planned processing capacity of approximately 34,000 tons per day for the second phase of the concentrator[11] - The company forecasts copper production for 2024 to be between 95.0 million pounds and 98.0 million pounds (approximately 43,200 tons to 44,500 tons)[11] Risks and Challenges - The company continues to face various risks, including metal price fluctuations and regulatory challenges in China, which could significantly impact its business operations and financial performance[56] - The company is currently facing operational challenges due to the suspension of the second phase of the Jiamar copper-gold polymetallic mine, pending government approval for resumption[68] Exploration and Development - The company plans to conduct deep exploration in the exploration permit area in 2024, with a drilling depth of 3,580 meters and three drill holes[25] - The company continues to evaluate the potential for underground operations at Changshan Mine as it approaches the end of its open-pit mining life[22]

Production and Operations - In 2023, the company achieved gold production of 4.6 tons and copper production of 20,000 tons, marking the first loss since 2020 due to production stoppages caused by tailings overflow at the Jiama copper-gold polymetallic mine[3]. - The company holds a 96.5% interest in the Changshanhao gold mine, which has been in commercial production since July 1, 2008, and the Jiama mine, which began commercial production in September 2010 and July 2018 for its phases one and two respectively[2]. - The management team is actively working on the resumption of operations at the Jiama phase two plant and accelerating the construction of the phase three tailings facility to ensure long-term stable operations[3]. - The company has successfully completed slope stabilization at the Changshanhao gold mine, ensuring safe and stable operations[3]. - The company has made significant breakthroughs in deep resource exploration at the Changshanhao gold mine, aiming to extend the mine's service life and add new value[3]. - The company reported no significant changes in its main business operations involving gold and base metal mining during the fiscal year ending December 31, 2023[17]. - Operations at the Jiama mine began to gradually resume on December 15, 2023[112]. - The company has withdrawn its 2023 annual production guidance due to uncertainties following a tailings spill incident[116]. - The company expects gold production for 2024 to be between 106,097 ounces and 112,528 ounces[117]. - Anticipated copper production for 2024 is projected to be between 95.0 million pounds and 98.0 million pounds[117]. - The company has resumed limited production at the first phase of the ore processing plant as of December 15, 2023[142]. - The company plans to reduce mining rates at the Changshan mine to enhance slope stability management[116]. Financial Performance - The company reported a net loss of $23 million, a significant decline from a net profit of $225.4 million in 2022[113]. - Total revenue for 2023 decreased by 58% to $459.4 million compared to $1,104.9 million in 2022[114]. - Sales revenue decreased by 72% from $253.9 million in the same period of 2022 to $71.3 million[111]. - Mining operating profit decreased by 80% or $315.2 million from $395.6 million in 2022 to $80.4 million in 2023[124]. - The company experienced a mining operating loss of 1.9 million USD in Q4 2023, a decrease of 98.5 million USD from a profit of 96.6 million USD in Q4 2022, primarily due to the suspension of operations at the Jiamar mine[122]. - General and administrative expenses decreased from $52.9 million in 2022 to $39.0 million in 2023, a reduction of $13.9 million[124]. - The basic loss per share for 2023 was (6.43) cents compared to earnings of 56.19 cents per share in 2022[188]. - The company reported a foreign exchange loss of $7,856,000 in 2023, down from $19,947,000 in 2022, a decrease of 60.6%[187]. - The company generated a net cash inflow from operating activities of $1.6 million for the year ended December 31, 2023, primarily due to depreciation of $107.0 million and financing costs of $25.0 million[153]. - The total cash and cash equivalents at the end of 2023 decreased to $97,237 thousand from $428,453 thousand at the end of 2022[195]. Governance and Management - The board of directors will retire at the 2024 Annual General Meeting and are eligible for re-election[20]. - The company has maintained insurance coverage for directors against liabilities incurred in the course of their duties[23]. - The board has implemented various governance measures to enhance shareholder confidence, including the establishment of multiple committees such as the Audit Committee and the Nomination and Corporate Governance Committee[52]. - The company has adopted formal policies for disclosure, confidentiality, and securities trading to enhance transparency and governance practices[52]. - The board is responsible for overseeing the company's ESG development direction and strategy[84]. - The company has established a whistleblowing policy managed by an independent third party to promote ethical conduct[52]. - The board has assessed the independence of all independent non-executive directors, confirming their independence based on annual confirmations and lack of involvement in daily operations[60]. - The company has adopted a code of business conduct and ethics applicable to all employees, ensuring adherence to the highest standards of professional and ethical conduct[83]. - The company has a structured approach to ensure that management aligns with shareholder interests and effectively communicates strategic plans[66]. Strategic Initiatives - The company has a strategic acquisition growth strategy, targeting projects from its major shareholder, China National Gold Group, and partnerships with other mining companies[2]. - The company is focusing on expanding its mining operations and enhancing its resource base through strategic contracts and partnerships[140]. - The company has entered into several new contracts, including a working capital loan agreement with China Construction Bank for an estimated amount of $55.4 million, effective from June 2023 to June 2026[140]. - The company signed a new open-pit mining contract with an estimated value of $128.3 million, effective from January 1, 2023, to December 31, 2025[133]. Environmental and Social Responsibility - The company emphasizes its commitment to social responsibility, ensuring that economic benefits do not come at the expense of ecological and social environments[53]. - The company is dedicated to employee rights and sustainable development, actively contributing to local communities through financial and material resources[55]. - The company is committed to providing sustainable returns to shareholders, considering various factors including operating performance and cash flow[171]. Legal and Compliance Issues - A legal lawsuit was initiated against Tibet Huatai Long by a supplier due to operational suspension at the Jiama mine, resulting in a court order that froze deposits of approximately RMB 479 million[36]. - The company faced legal disputes related to construction contracts, with $23 million recognized as payables and $68 million in pending litigation[199]. - The company has not reported any changes in its disclosure controls or internal controls that would significantly affect financial reporting as of December 31, 2023[173].

中国黄金国际（2099） 更新报告 买入 2024年4月12日 业绩由盈转亏，铜金价格持续走高，甲玛矿区全面复产在即  业绩由盈转亏：2023 年全年，公司实现总收入 4.59 亿美元，同 许尚青 比减少 58%；净亏损为 2300 万美元，同比由盈转亏。公司收入和 +852-25321539 利润的下滑主要由于甲玛矿山果朗沟尾矿库尾砂外溢，甲玛矿山已 tim.xu@firstshanghai.com.hk 于2023年3月27日起暂停生产影响了整体的产量和业绩。公司综 陈晓霞 合矿山经营利润率为 17.49%，与去年同期相比下滑 18.31 个百分 (852)25321956 点。公司 2023 年全年矿产铜产量为 2 万吨，同比下滑 76%，全年 矿产铜销售均价为 6989 美元/吨，同比下滑 4.23%；公司 2023 年 xx.chen@firstshanghai.com.hk 全年矿产金产量为 14.79 万盎司，同比下滑 38%，矿产金平均价格 主要资料 为1962美元/盎司，同比提升8.64%。 铜金价格持续走高：随着美联储降息预期的发酵，有色金属价格 行业 原材料 有了大幅度的提升。截至目 ...

h 股 c r 票 a e s e R 研 y [Table_Title] Kevin Guo 郭勇 究 tiu Company Report: China Gold International (02099 HK) 中文版 q (852) 2509 5317 E 公司报告： 中国黄金国际 (02099 HK) Chinese version yong.guo@gtjas.com.hk 10 April 2024 [Table_Summary] 甲玛矿生产将恢复正常，维持“收集” tr 公 o 司 p e R  由于市盈率估值水平较高，我们将中国黄金国际(“公司”)的目标价上调至56.10 [RTaabtlien_gR:a nk] Accumulate y 港元，并维持“收集”评级。我们的目标价对应16.4倍、9.0倍和7.6倍2024-2026 Maintained 报 n a 年市盈率。我们预测，公司净利润将在2024-2026年稳步增长，主要受金属价 p 告 m 格上涨和矿产品产量增加的推动。 评级： 收集 (维持) o C  公司2023年录得2,550万美元亏损。甲玛矿因尾矿库尾砂外溢，自202 ...

海 外 研 证券研究报告 究 ＃industryId＃ 黄金 ＃ ＃02099 .HK ＃中dy国Com黄pa金ny＃国 际 港股通（沪/深） investS dyStockco ＃investSuggestion＃ uggesti d e＃ 增持 ( o维 nC持 han ） 长山壕矿全面恢复采矿活动，甲玛矿稳步复产 ge＃ ＃createTime1＃ 2024年 4月 8日 投资要点 公 ＃市场ma数rk据et Data＃ ＃summary＃ 事件：中国黄金国际披露23年业绩：营收同比下降58.4%至4.6亿美元，矿山 司 日期 20240405 经营利润同比下降79.7%至8037万美元，归母净利润录得亏损2550万美元。 跟 收盘价（港元） 49.45 单看 Q4，营收同比下降 71.9%至 7132 万美元，矿山经营利润亏损 190 万美 踪 总股本（亿股） 4.0 元，归母净利润亏损1791万美元。 报 流通股本（亿股） 2.2 点评：甲玛矿 Q2 开始暂停营运&长山壕金矿 Q3 开始进行边坡维护工作拖累 告 净资产（亿美元） 17 公司矿山经营利润承压，全年矿山经营利润同比减少3.2亿美元至0. ...

Revenue and Sales Performance - Sales revenue decreased by 72% to $71.3 million in Q4 2023 compared to $253.9 million in Q4 2022[6] - Total sales revenue for 2023 was $459.4 million, down from $1.1 billion in 2022[2] - Total revenue for 2023 decreased by 58% to $459.4 million compared to $1,104.9 million in 2022[10] - Sales revenue from the Changshanhao mine decreased from $267.5 million in 2022 to $252.6 million in 2023, a reduction of $14.9 million[19] - Sales revenue from the Jiama mining area decreased from $837.4 million in 2022 to $206.8 million in 2023, a reduction of $630.6 million[19] - Sales revenue decreased to $459.434 million in 2023 from $1.104949 billion in 2022, a significant drop of 58.4%[76] - Revenue from gold bullion in 2023 was $252.6 million, a decrease from $267.546 million in 2022[140] - Revenue from copper in 2023 was $147.278 million, a significant decrease from $617.226 million in 2022[140] - Revenue from other by-products in 2023 was $59.556 million, down from $220.177 million in 2022[140] - Total revenue for 2023 was $459.434 million, a sharp decline from $1.104949 billion in 2022[140] - Mining gold segment revenue for 2023 was $252.6 million, while mining copper concentrate segment revenue was $206.8 million, totaling $459.4 million[144] - The company's total revenue for 2022 was $1.1 billion, with $267.5 million from the mining gold segment and $837.4 million from the mining copper concentrate segment[146] Net Profit and Loss - Net loss of $17.5 million in Q4 2023, compared to a net profit of $48.5 million in Q4 2022[6] - Net loss for 2023 was $22.9 million, compared to a net profit of $225.4 million in 2022[2] - Net loss for 2023 was $23.0 million, a significant decline from the net profit of $225.4 million in 2022[9] - Net loss increased from a profit of $225.4 million in 2022 to a loss of $23.0 million in 2023[20] - Net loss for the year was $22.969 million in 2023, compared to a net profit of $225.401 million in 2022[76] - The company recorded a net loss of $23 million for the year ended December 31, 2023[70] - The company recorded a net loss of $23 million for the year ended December 31, 2023[136] - Net profit attributable to the company's owners for the year 2023 was a loss of $25.5 million, compared to a profit of $222.7 million in 2022[80] - Total comprehensive income for 2023 was a loss of $30.4 million, compared to a profit of $167.2 million in 2022[80] Production and Costs - Gold production decreased by 57% to 25,500 ounces in Q4 2023 from 59,992 ounces in Q4 2022[6] - Copper production was 184,077 pounds (approximately 83 tons) in Q4 2023, due to limited production from the Jiama mine, compared to 45.1 million pounds (approximately 20,472 tons) in Q4 2022[6] - Gold production decreased by 38% to 147,963 ounces in 2023 from 238,836 ounces in 2022[10] - Copper production dropped by 76% to 44.2 million pounds (approximately 20,051 tons) in 2023 from 187.4 million pounds (approximately 85,004 tons) in 2022[10] - The company expects gold production at Changshanhao Mine in 2024 to be between 106,097 ounces and 112,528 ounces (approximately 3.3 to 3.5 tons)[12] - The company anticipates copper production at Jiama Mine in 2024 to be between 95.0 million pounds and 98.0 million pounds (approximately 43,200 to 44,500 tons)[12] - Gold production at Jiama Mine in 2024 is expected to range between 42,439 ounces and 45,333 ounces (approximately 1.32 to 1.41 tons)[12] - Gold sales at Changshanhao Mine decreased by 36% to 24,290 ounces in Q4 2023 compared to 38,134 ounces in Q4 2022[14] - Total production cost per ounce of gold at Changshanhao Mine increased by 65% to $1,611 in Q4 2023 from $975 in Q4 2022[14] - Cash production cost per ounce of gold at Changshanhao Mine surged by 103% to $1,303 in Q4 2023 from $642 in Q4 2022[14] - Copper sales at Jiama Mine plummeted by 88% to 2,449 tons (5.4 million pounds) in Q4 2023 compared to 19,809 tons (43.7 million pounds) in Q4 2022[15] - Average realized copper price at Jiama Mine dropped by 25% to $2.39 per pound in Q4 2023 from $3.20 per pound in Q4 2022[15] - Total production cost per pound of copper at Jiama Mine rose to $8.04 in Q4 2023 from $3.33 in Q4 2022[15] - Total gold sales volume in 2023 was 24,626 ounces, a decrease from 36,948 ounces in 2022[23] - Total cash production cost for gold in 2023 was $1,303 per ounce, compared to $642 per ounce in 2022[23] - Total copper sales volume in 2023 was 5,399,496 pounds, a significant decrease from 43,670,559 pounds in 2022[24] - Total cash production cost for copper in 2023 was $7.29 per pound, compared to $2.64 per pound in 2022[24] - The Changshanhao gold mine's ore stacking volume in 2023 was 10.0 million tons, with a total gold content of 102,702 ounces[28] - The overall cumulative recovery rate for the gold project as of December 31, 2023, was approximately 56.26%[28] - The Changshanhao mine's designed mining and processing capacity is 60,000 tons per day, but production was reduced to 40,000 tons per day in 2019[25] - Jiama mining area processed 4,280,227 tons of ore in 2023, a decrease from 17,446,643 tons in 2022[36] - The average copper ore grade in Jiama mining area was 0.56% in 2023, slightly lower than 0.57% in 2022[36] - Copper recovery rate in Jiama mining area remained stable at 85% in both 2022 and 2023[36] - The average gold grade in Jiama mining area decreased to 0.21 g/t in 2023 from 0.23 g/t in 2022[36] - Silver recovery rate in Jiama mining area improved to 63% in 2023 from 60% in 2022[36] - The company's mining costs for the year ended December 31, 2023, were $43.3 million, with mineral processing costs of $75.2 million and transportation costs of $1.7 million[49] - The company added $42.3 million in property, plant, and equipment in 2023, with $40.2 million allocated to the mining copper concentrate segment[152] - Depreciation of property, plant, and equipment for 2023 was $106.9 million, with $56.7 million attributed to the mining gold segment and $50.3 million to the mining copper concentrate segment[152] - Total depreciation for property, plant, and equipment decreased to $106.947 million from $163.407 million in the previous year[165] Cash Flow and Financial Position - Operating cash flow decreased to $1.6 million in 2023 from $447.3 million in 2022[2] - Cash and cash equivalents decreased to $97.2 million in 2023 from $428.5 million in 2022[2] - Operating cash flow decreased sharply to $1.6 million in 2023 from $447.3 million in 2022[9] - Cash and cash equivalents declined sharply to $97.237 million in 2023 from $428.453 million in 2022, a decrease of 77.3%[78] - Operating cash flow from activities decreased significantly to $1.57 million in 2023 from $447.3 million in 2022[82] - Cash and cash equivalents decreased by $324.96 million in 2023, ending the year at $97.24 million[82] - The company's net cash inflow from operating activities for the year ended December 31, 2023, was $1.6 million, primarily from depreciation of property, plant, and equipment ($107.0 million), financing costs ($25.0 million), and mining rights amortization ($10.4 million)[46] - The company's net cash outflow from investing activities for the year ended December 31, 2023, was $121.3 million, mainly used for restricted deposits ($68.0 million) and payments for property, plant, and equipment ($59.4 million)[47] - The company's net cash outflow from financing activities for the year ended December 31, 2023, was $205.2 million, primarily due to repayment of borrowings ($401.5 million) and payment of dividends to shareholders ($146.7 million)[48] - The company's total debt as of December 31, 2023, was $766.5 million, with total equity of $1,727.7 million, resulting in a debt-to-equity ratio of 0.44[49] - The company's cumulative surplus as of December 31, 2023, was $380.4 million, with working capital of $170.8 million and borrowings of $766.5 million[43] - The company's cash balance as of December 31, 2023, was $97.2 million[43] - The company's total assets decreased to $2.834716 billion in 2023 from $3.194911 billion in 2022[78] - Total liabilities reduced to $1.106975 billion in 2023 from $1.291481 billion in 2022[79] - The company's total equity decreased to $1.73 billion in 2023 from $1.9 billion in 2022[80] - The company's retained earnings decreased to $380.38 million in 2023 from $571.23 million in 2022[80] - The company's investment in mining rights decreased to $1.27 million in 2023 from $1.77 million in 2022[82] - The company's total assets decreased to $1.71 billion in 2023 from $1.88 billion in 2022[80] - The company's market value was lower than the net asset book value by approximately $1.728 billion as of December 31, 2023[70] - The company's market value was lower than its net asset value by approximately $1.728 billion as of December 31, 2023, compared to $1.903 billion in 2022[136] - The company's non-current assets are approximately 98% located in China as of December 31, 2023[154] - The company's total assets for the mining gold segment as of December 31, 2023, were $551.6 million, and for the mining copper concentrate segment, they were $2.23 billion, totaling $2.78 billion[149] - Total liabilities for the mining gold segment as of December 31, 2023, were $34.9 million, and for the mining copper concentrate segment, they were $991.9 million, totaling $1.03 billion[149] Operational Challenges and Legal Issues - The Jiama Mine resumed partial operations on December 15, 2023, with a daily processing capacity of 6,000 tons[11] - Jiama Mine resumed partial operations in December 2023 with a daily processing capacity of 6,000 tons after a tailings spill incident in March 2023[16] - The company's Jiama Mine experienced a tailings spill on March 27, 2023, leading to a temporary suspension of operations. The mine partially resumed operations on December 15, 2023, after receiving approval from the Lhasa Emergency Management Bureau[84] - The company is involved in multiple lawsuits and disputes related to construction contract breaches, with a confirmed liability of $23 million and pending litigation amounting to $68 million as of December 31, 2023[85] - The company made provisions for a legal dispute with an independent supplier of Huatai Long, with details disclosed in Note 31[139] - The company recognized an impairment loss of RMB 13,328,000 (approximately $1,872,000) for the new properties due to the suspension of the comprehensive project in Lhasa, Tibet[197] Dividends and Shareholder Returns - The company declared a special dividend of $0.37 per ordinary share for the fiscal year ending December 31, 2022, paid on June 15, 2023[61] - The company does not recommend paying dividends for the 2023 full-year results[61] - The company declared and paid dividends of $0.37 per ordinary share for the year ended December 31, 2023, totaling $146,673,000, compared to $0.25 per share and $99,103,000 in 2022[174] - The company paid $146.67 million in dividends to shareholders in 2023, compared to $99.1 million in 2022[82] Exploration and Development - The company signed a major contract for the 2023-2025 open-pit mining project with an estimated value of $128.3 million[27] - The company completed a diamond drilling exploration program within the mining permit area, totaling 1,290.78 meters and 3 drill holes[29] - The company also completed another diamond drilling exploration program within the mining permit area, totaling 4,172.14 meters and 4 drill holes[29] - The total mineral resources at the Changshanhao mine as of December 31, 2023, are 33,370 thousand tons with an average gold grade of 0.65583 g/t, containing 21.89 tons of gold (0.70 million ounces)[30] - The underground mineral resources at the Changshanhao mine as of December 31, 2023, are 178,050 thousand tons with an average gold grade of 0.62 g/t, containing 110.73 tons of gold (3.56 million ounces)[30] - The total mineral reserves at the Changshanhao mine as of December 31, 2023, are 33,370 thousand tons with an average gold grade of 0.65 g/t, containing 21.84 tons of gold (0.70 million ounces)[32] - The Jiama mining area has a combined mining and processing capacity of 50,000 tons per day, with Phase I reaching a design capacity of 6,000 tons per day in 2011 and Phase II reaching 44,000 tons per day in 2018[33] - The company planned a geological exploration project with a total budget of RMB 34.47 million in 2023, but it was temporarily suspended due to tailings overflow[37] - The measured and indicated resources of Jiama project as of December 31, 2023, included 1,403.39 million tons with 0.40% copper, 0.03% molybdenum, and 5.45 g/t gold[38] - The proven and probable reserves of Jiama project as of December 31, 2023, included 355.98 million tons with 0.60% copper, 0.04% molybdenum, and 10.25 g/t gold[40] - The copper price used for resource and reserve estimation was $2.9 per pound, and the gold price was $1,300 per ounce[39][41] - The overall copper recovery rate for both open-pit and underground mining methods was estimated at 88-90%[41][42] - The company's cumulative surplus as of December 31, 2023, was $380.4 million, with working capital of $170.8 million and borrowings of $766.5 million[43] - The company's cash balance as of December 31, 2023, was $97.2 million[43] - The company's net cash inflow from operating activities for the year ended December 31, 2023, was $1.6 million, primarily from depreciation of property, plant, and equipment ($107.0 million), financing costs ($25.0 million), and mining rights amortization ($10.4 million)[46] - The company's net cash outflow from investing activities for the year ended December 31, 2023, was $121.3 million, mainly used for restricted deposits ($68.0 million) and payments for property, plant, and equipment ($59.4 million)[47] - The company's net cash outflow from financing activities for the year ended December 31, 2023, was $205.2 million, primarily due to repayment of borrowings ($401.5 million) and payment of dividends to shareholders ($146.7 million)[48] - The company's total debt as of December 31, 2023, was $766.5 million, with total equity of $1,727.7 million, resulting in a debt-to-equity ratio of 0.44[49] - The company secured a loan of RMB 3.98 billion (approximately $613 million) from a syndicate led by Bank of China, with an annual interest rate of 2.83%, for the development of the Jiama mining area[43] - The company obtained multiple loans in 2023, including a RMB 300 million (approximately $41.5 million) loan

智通财经APP获悉，中国黄金国际(02099)涨超3%，截止发稿涨3.53%，报33.7港元，成交额2441万港 元。 消息面上，中国黄金协会表示，春节期间，尽管黄金价格居高位，但我国黄金消费仍然火爆，黄金首饰 和龙年金条成为最具人气的产品。中国黄金协会表示，在一系列提振消费政策推动下，金银珠宝成为全 年各商品零售类别中增加幅度较大的品类。某百货营销策划部副经理表示，春节期间，我们的黄金销售 与去年同期相比客流量增长超40%，黄金类商品的销售额增长近50%。 中金研报表示，考虑到黄金饰品稀缺的消费和投资属性，及逆全球化背景下央行购金需求增加对金价的 支撑，预计2024年黄金珠宝行业增速仍有望领先于可选消费其他板块，高黄金产品占比公司较为受益。 此外近年珠宝品牌在中国内地的渠道快速扩张，头部公司注重门店经营质量提升，加强精细化运营，产 品端也高频更新迭代，中金认为高黄金占比、品牌美誉度高、产品创新能力强、渠道布局广泛且运营持 续提效的头部品牌有望持续提升市场份额。 ...

中國黃金國際資源有限公司 China Gold International Resources Corp Ltd. ( 根據加拿大英屬哥倫比亞法例註冊的有限公司 ) 香港聯交所 股份代號 : 2099 多倫多交易所 股份代號 : CGG 2023 年度半年報 管理層討論與分析 前瞻性陳述 1 本公司 2 概覽 2 表現摘要 2 前景 3 經營業績 4 節選季度財務數據 4 節選季度生產數據及分析 4 季度數據回顧 6 非國際財務報告準則指標 8 礦物資產 10 長山壕礦 10 甲瑪礦區 12 流動資金及資金來源 16 現金流 17 經營現金流 17 投資現金流 17 融資現金流 18 產生的開支 18 產權比率 18 附屬公司、聯營企業與合資企業的重大投資、收購及處置，以及重大固定資產投資計劃 18 資產抵押 18 外匯匯率波動及相關避險交易影響 18 承諾 19 關聯方交易 19 建議交易 21 重要會計估計 21 會計政策變動 21 金融工具及其他工具 21 資產負債表以外安排 21 股息及股息政策 21 發行在外股份 22 披露監控及程序以及財務報告內部監控 22 風險因素 22 合資格人士 23 額外 ...