On August 15th, GLH reports that the revenue for China Gold International in the first half of 2024 decreased by 36% from the same period in 2023 to $0.2085 billion. The mine operating surplus is $17.9 million, a decrease of $78.7 million compared to $96.6 million in the same period of 2023. The net loss was $30.892 million, a decrease of $56.2 million from the net income of $25.321 million in the same period of 2023. Operating cash inflow was $88.1 million, an increase of $33.9 million compared to $54.2 million of the same period in 2023. Gold production was 52,087 ounces, a decrease of 42% from 89,317 ounces of the same period in 2023. Copper production was 23.3 million pounds (about 10,547 tons), compared to 44.1 million pounds (about 20,019 tons) of copper production in the same period of 2023.
The decrease in production and profit was mainly attributed to the overflow of tailings from Guolanggou tailings dam, which led to the suspension of production at Jama mine on March 27, 2023. Jama mine gradually resumed production on December 15, 2023. The second-phase concentrator has resumed operation since May 30, 2024, with an ore processing capacity of 34,000 tons per day, while the first-phase concentrator stopped operation accordingly.
In the second quarter of 2024, the revenue was $0.148 billion, an increase of 103% compared to $73 million in the same period of 2023. The mine operating surplus was $29.4 million, an increase of $35.6 million compared to the mine operating deficit of $6.2 million in the same period of 2023. The net loss was $4.8 million, a decrease of $48.5 million compared to the net loss of $53.3 million in the same period of 2023. The operating cash inflow was $80.9 million, while the operating cash outflow of the same period of 2023 was $73.5 million. Gold production was 31,373 ounces, a decrease of 13% from 36,069 ounces of the same period in 2023. Copper production was 18.6 million pounds (about 8,454 tons), while there was no copper production in the same period of 2023.