CHINAGOLDINTL (02099) announces third-quarter results. Net profit was $27.9 million, turning from a loss to a profit year-on-year.

CHINAGOLDINTL (02099) announced its financial performance for the third quarter of 2024, with revenue increasing by 309% year-on-year to $254.6 million, and a net profit of $27.9 million, compared to a net loss of $30.8 million in the same period of 2023. Gold production increased by 51% to 50,160 ounces from 33,110 ounces in the same period of 2023. Copper production was 38.3 million pounds (about 17,361 tons), compared to zero in the same period of 2023. For the period of January to September, revenue increased by 19% to $463 million, with a net loss of $3 million, compared to a net loss of $5.5 million in the same period of 2023. Gold production decreased by 17% to 102,245 ounces from 122,463 ounces in the same period of 2023. Copper production increased by 40% to 61.5 million pounds (about 27,909 tons) from 44 million pounds (about 19,967 tons) in the same period of 2023. The announcement stated that the AMA Mine resumed production gradually from December 15, 2023. The Phase II beneficiation plant resumed operation on May 30, 2024, with a daily processing capacity of 34,000 tons, while Phase I plant ceased operation. The gold production from the Laoshanhaomine in the first nine months of 2024 decreased compared to the same period in 2023. The $54.4 million mining rights royalty from AMA Mine confirmed during the quarter had a significant impact on the company's mining operation profit and net loss for the nine months ending September 30, 2024. Mr. Hou Chenguang, Chairman and CEO of the company, commented: "With the resumption of production at the Phase II beneficiation plant of the AMA Mine, the company has entered a period of performance recovery, achieving profitability in the third quarter, laying a solid foundation for the completion of the annual budget and targets. In the future, the management will continue to overcome difficulties, focus on smooth production at the AMA Mine and the construction of the Phase III tailings dam, safety and underground engineering at the Laoshanhaomine, safety, environmental protection, technological innovation, and other tasks, to ensure a good year-end and a favorable start next year. The company will always adhere to the idea of creating value for shareholders, wealth for society, and well-being for employees, continuously creating a new chapter of high-quality development."