HK Stock Market Move | Chifeng Jilong Gold Mining (06693) up nearly 5% Newly discovered gold and copper mine in Laos, expected to increase net profit by over 50% in the first half of the year.

Chifeng Jilong Gold Mining (06693) opened nearly 5% higher, as of the time of writing, it has increased by 4.91% and is trading at 27.8 Hong Kong dollars, with a turnover of 9.4798 million Hong Kong dollars. On the news front, Chifeng Jilong Gold Mining announced the discovery of a gold-copper deposit rich in gold-bearing porphyry in the Saban district of Vientiane Mining in Laos, and released its first mineral resource estimate that complies with JORC standards. The initial estimated mineral resource is 131.5 million tons, with a gold equivalent grade of 0.81 grams/ton and a metal content equivalent of approximately 106.9 tons of gold; including a controlled resource amount of 93.7 million tons with a grade of 0.86 grams gold equivalent per ton, equivalent to 2.58 million ounces of gold equivalent. In addition, Chifeng Jilong Gold Mining previously announced a performance forecast, expecting to achieve a net profit attributable to shareholders of the listed company of 1.08 billion to 1.13 billion yuan in the first half of this year, an increase of 52.01% to 59.04% year-on-year. The announcement stated that the main reason for the performance growth is that the average selling price of gold in this reporting period increased by about 41.76% year-on-year, and costs and expenses were effectively controlled.