中国黄金国际(02099) - 2024 - 中期业绩

Financial Performance - Sales revenue for the six months ended June 30, 2024, was $208.498 million, a decrease of 36$325.794 million for the same period in 2023[2]. - The company reported a net loss of $30.892 million for the six months ended June 30, 2024, compared to a profit of$25.321 million in the same period of 2023[2]. - Basic loss per share was $(7.99) cents for the six months ended June 30, 2024, compared to earnings of 6.08 cents per share in the prior year[2]. - Sales revenue for the three months ended June 30, 2024, increased by 103$148.0 million, compared to $73.0 million in the same period of 2023[8]. - Mining operating profit rose to$29.4 million, a significant increase of $35.6 million from a mining operating loss of$6.2 million in the same period of 2023[8]. - Net loss decreased to $4.8 million, down$48.5 million from a net loss of $53.3 million in the same period of 2023[8]. - Mining operating profit for the first half of 2024 was$17.9 million, a decrease of $78.7 million from$96.6 million in the same period of 2023[22]. - The company reported a net loss of $30.9 million, a decrease of$56.2 million compared to a net profit of $25.3 million in the same period of 2023[25]. - The company reported a total comprehensive income of$(7,965) thousand for the six months ended June 30, 2024[95]. Production and Sales - Total gold production for the six months ended June 30, 2024, decreased by 42% to 52,087 ounces, compared to 89,317 ounces in the same period of 2023[10]. - Copper production for the six months ended June 30, 2024, was 23.3 million pounds, a decrease of 47% from 44.1 million pounds in the same period of 2023[10]. - Gold sales from the Changshanhao mine amounted to $91.3 million, down$46.4 million from $137.8 million in the same period of 2023, with gold sales volume at 39,951 ounces compared to 71,179 ounces in 2023[22]. - Copper sales from the Jiama mine were$117.2 million, a decrease of $70.8 million from$188.0 million in the same period of 2023, with total copper sales of 10,427 tons compared to 18,656 tons in 2023[22]. - The company has withdrawn its annual production guidance for 2023 due to uncertainties surrounding the full resumption of operations at the Jiamar mining area following a tailings spill incident[11]. Cash Flow and Liquidity - Operating cash flow for the six months ended June 30, 2024, was $88.091 million, an increase of 62.5$54.175 million in the same period of 2023[2]. - The company reported a net cash inflow from operating activities of $80.89 million for the three months ended June 30, 2024, compared to a cash outflow of$73.54 million for the same period in 2023[56]. - The total cash and cash equivalents increased by $55.18 million for the three months ended June 30, 2024, compared to a decrease of$392.25 million in the same period of 2023[56]. - The company anticipates sufficient operating cash flow to cover planned capital expenditures and debt repayments over the next twelve months[51]. - The company reported a net cash inflow from financing activities of $33.4 million for the six months ended June 30, 2024, mainly due to borrowings of$117.5 million, offset by repayments of $83.8 million[60]. Expenses and Costs - General and administrative expenses increased to$10.6 million for the quarter ended June 30, 2024, from $7.9 million in the same period of 2023[20]. - Total sales cost for the quarter ended June 30, 2024, was$118.5 million, an increase of $39.3 million compared to$79.2 million in the same period of 2023[18]. - The company incurred mining costs of $25.2 million, milling costs of$32.3 million, and transportation costs of $2.1 million for the six months ended June 30, 2024[60]. - Financing costs decreased to$11.4 million in the first half of 2024 from $13.6 million in the same period of 2023, driven by strategic management of the loan portfolio[25]. - The company’s financing costs decreased to$5.722 million from $6.880 million, a reduction of 16.8$2,898,052 thousand, up from $2,834,716 thousand as of December 31, 2023, indicating an increase of about 2.2$1,190,004 thousand as of June 30, 2024, compared to $1,106,975 thousand as of December 31, 2023, reflecting an increase of approximately 7.5$1,708,048 thousand as of June 30, 2024, from $1,727,741 thousand as of December 31, 2023, a decline of about 1.1$207,076 thousand as of June 30, 2024, compared to $170,759 thousand as of December 31, 2023, indicating an increase of about 21.1$795.8 million, with a cash balance of $157.6 million[51]. Mining Operations and Projects - The company plans to continue its development and expansion projects at the Changshan Gold Mine and the Jiama Copper-Gold Polymetallic Mine[5]. - The company holds a 96.5% interest in the Changshan Gold Mine and 100% ownership of the Jiama Mine, which contains significant copper and gold resources[7]. - The company resumed operations at the first phase of the processing plant on December 15, 2023, and the second phase resumed on May 30, 2024, with a daily processing capacity of 34,000 tons[17]. - The company is evaluating the potential for underground operations at Changshanhao Mine as the open-pit mining approaches the end of its life[32]. - The company has extended its mining rights for the Jiamar mining area for 20 years, expiring in October 2043, under a new agreement with the Tibet Autonomous Region[100]. Shareholder and Governance - The company is committed to providing sustainable returns to shareholders, with dividends determined based on operating performance, cash flow, and financial condition[73]. - The company’s major shareholder, China Gold Group Limited, holds approximately 40.01% of the issued shares, totaling 158,588,330 shares[81]. - The company’s internal controls over financial reporting have been assessed as effective as of June 30, 2024, ensuring timely recording and reporting of financial information[75]. - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange rules for the six months ended June 30, 2024[148]. - The audit committee reviewed the financial statements for the six months ended June 30, 2024, confirming compliance with applicable accounting standards[150].