HK Stock Market Move | CHINAGOLDINTL(02099) rose more than 5% after performance with a net profit of 27.9 million US dollars in the third quarter, and gold production increased by 51% year-on-year.

CHINAGOLDINTL (02099) rose more than 5% after performance announcement, as of writing, it has increased by 5.41% to HK$33.2 with a trading volume of HK$6.8889 million. In terms of news, CHINAGOLDINTL announced its performance for the third quarter of 2024, with revenue increasing by 309% year-on-year to US$254.6 million, and net profit of US$27.9 million, compared to a net loss of US$30.8 million in the same period in 2023. Gold production increased by 51% to 50,160 ounces from 33,110 ounces in the same period in 2023. Copper production was 38.3 million pounds (about 17,361 tons), while there was no copper production in the same period in 2023. From January to September, revenue increased by 19% to US$463 million, with a net loss of US$3 million, compared to a net loss of US$5.5 million in the same period in 2023. Gold production decreased by 17% to 102,245 ounces from 122,463 ounces in the same period in 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 in 2023. The announcement mentioned that production at the Jiamar mine gradually resumed on December 15, 2023. The Phase 2 beneficiation plant resumed operations on May 30, 2024, processing 34,000 tons of ore per day, while Phase 1 stopped operations. Compared to the same period in 2023, gold production at the Changshan Hao mine in the first nine months of 2024 has slightly decreased. The confirmation of the US$54.4 million mining rights proceeds from Jiamar mine from July 2017 to September 2024 have a significant impact on the company's operating profit and net loss for the nine months ending September 30, 2024.