HK Stock Market Move | CHINAGOLDINTL(02099) rose more than 17% at one point, turning a profit in the third quarter with a significant increase in gold and copper production.

CHINAGOLDINTL (02099) surged after the performance report, with the afternoon increase widening to over 17%. As of the time of writing, the stock had risen by 12.9%, reaching HK$35.45, with a trading volume of HK$174 million. On the news side, CHINAGOLDINTL announced its 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 last year, turning from a loss to a profit. 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 tonnes), compared to zero in the same period of 2023. The company announced that the Jiamak mine started gradually resuming production on December 15, 2023. The second phase plant resumed operations on May 30, 2024, with a daily processing capacity of 34,000 tons, while the first phase plant ceased operations. The company's Chairman and CEO, Mr. Hou Chenguang, commented: "With the resumption of production at the Jiamak mine's second phase plant, 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 goals."