China Gold Mine Operating Earnings Spiked 360%

SEATTLE (Scrap Monster): China Gold International Resources Corp. reported financial and operational results for the three months ended March 31, 2021. The company did not experience any significant impacts on its operations due to Covid-19 pandemic during the quarter.

As per the company, the quarterly revenues witnessed 83% from US$148.6 million to US$272.1 million. The mine operating earnings skyrocketed by 360% to US$83.8 million. It must be noted that the earnings had totalled only US$18.2 million in Q1 2020. The company reported net income of US$57.0 million. This compares with net loss of US$8.7 million during the corresponding quarter a year before. Meantime, the cash flow from operations spiked 964% year-on-year to US$170.2 million.

The total gold production was up by 3% at 53,521 ounces. The gold sales of CSH Gold Mine increased marginally by 2% to US$56.7 million. The copper production recorded year-on-year surge by 37% to total 48.9 million pounds. The copper sales from Jiama Mine surged higher by 113% to US$116.6 million.

Mr. Liangyou Jiang, Chairman and CEO, China Gold noted that the company achieved its best quarterly performance in Q1 2021. The Q1 profits set a new record. The strong start will lay a solid foundation for the operation in the whole year, he added.

YOU MAY ALSO BE INTERESTED IN:

Kinross Gold on Track to Surpass 2021 Guidance

AngloGold Ashanti's Headline Earnings Spiked in Q1