中国黄金国际(02099) - 2024 - 中期财报

Financial Performance - Sales revenue increased by 103% to $148.0 million in Q2 2024, compared to$73.0 million in the same period of 2023[7] - Mine operating profit was $29.4 million in Q2 2024, a significant improvement from a mine operating loss of$6.2 million in Q2 2023[7] - Net loss decreased by $48.5 million to$4.8 million in Q2 2024, compared to a net loss of $53.3 million in Q2 2023[7] - Operating cash flow improved to$80.9 million in Q2 2024, compared to an operating cash outflow of $73.5 million in Q2 2023[7] - Sales revenue decreased by 36$325.8 million in the same period of 2023 to $208.5 million in the first half of 2024[8] - Net loss of$30.9 million, compared to a net profit of $25.3 million in the same period of 2023, a decrease of$56.2 million[8] - Operating income for Q2 2024 was $16.6 million, a$32.1 million improvement from a loss of $15.5 million in Q2 2023[17] - Net loss for Q2 2024 was$4.8 million, a $48.5 million reduction from a loss of$53.3 million in Q2 2023[18] - Net loss for H1 2024 was $30.9 million, compared to a net profit of$25.3 million in H1 2023[21] - Sales revenue for the three months ended June 30, 2024, was $147.955 million, compared to$73.016 million in the same period in 2023[75] - Mine operating profit for the three months ended June 30, 2024, was $29.443 million, compared to a loss of$6.150 million in the same period in 2023[75] - Operating income for the three months ended June 30, 2024, was $16.631 million, compared to a loss of$15.533 million in the same period in 2023[75] - Net loss for the three months ended June 30, 2024, was $4.844 million, compared to a loss of$53.339 million in the same period in 2023[75] - Net profit attributable to the company's owners for the six months ended June 30, 2024, was a loss of $30.892 million, compared to a profit of$25.321 million in the same period in 2023[76] - Basic loss per share for the six months ended June 30, 2024, was $0.0799, compared to a profit of$0.0608 in the same period in 2023[76] - Total revenue for the six months ended June 30, 2024, was $208.5 million, compared to$325.8 million for the same period in 2023[89] - The company's mining segment reported a profit of $26.3 million from gold production and a loss of$8.3 million from copper concentrate production for the six months ended June 30, 2024[92] - The company's total operating loss for the six months ended June 30, 2024, was $4.8 million[92] - The company's pre-tax loss for the six months ended June 30, 2024, was$22.5 million[92] - Sales revenue for mineral gold and copper concentrate reached $325.794 million, with mineral gold contributing$137.749 million and copper concentrate contributing $188.045 million[94] - Mine operating profit totaled$96.56 million, with mineral gold contributing $41.907 million and copper concentrate contributing$54.653 million[94] - Net loss for the three and six months ended June 30, 2024, was $5 million and$31 million, respectively, despite net operating cash inflows of $81 million and$88 million for the same periods[84] Production and Operations - Total gold production decreased by 13% to 31,373 ounces in Q2 2024, compared to 36,069 ounces in Q2 2023[7] - Total copper production was 18.6 million pounds (approximately 8,454 tons) in Q2 2024, with no copper production in the same period of 2023[7] - Gold production decreased by 42% from 89,317 ounces in the same period of 2023 to 52,087 ounces in the first half of 2024[8] - Copper production decreased by 47% from 44.1 million pounds (approximately 20,019 tons) in the same period of 2023 to 23.3 million pounds (approximately 10,547 tons) in the first half of 2024[8] - The company expects gold production at the Chang Shan Hao mine to range between 106,097 ounces and 112,528 ounces (approximately 3.3 tons to 3.5 tons) in 2024[10] - The company expects copper production at the Gyama mine to range between 95.0 million pounds and 98.0 million pounds (approximately 43,200 tons to 44,500 tons) in 2024[10] - The company expects gold production at the Gyama mine to range between 42,439 ounces and 45,333 ounces (approximately 1.32 tons to 1.41 tons) in 2024[10] - Gold production at the Chang Shan Hao mine decreased by 36% from 36,069 ounces in the same period of 2023 to 22,981 ounces in the first half of 2024[13] - Copper production in the Jiama mining area for Q2 2024 was 8,454 tons (18.6 million pounds), compared to no production in the same period in 2023 due to operational suspension[15] - The Jiama mining area's Phase II concentrator resumed operations on May 30, 2024, with a daily processing capacity of 34,000 tons[15] - Total copper sales volume for Q2 2024 was 8,347 tons (18.4 million pounds) from the Jiama mining area[16] - Revenue from the Changshanhao Mine decreased by $46.4 million to$91.3 million in H1 2024, with gold sales volume dropping to 39,951 ounces from 71,179 ounces in H1 2023[19] - Revenue from the Jiama Mine decreased by $70.8 million to$117.2 million in H1 2024, with copper sales volume dropping to 10,427 tons (23.0 million pounds) from 18,656 tons (41.1 million pounds) in H1 2023[19] - The average realized gold price increased by 18% to $2,285 per ounce in H1 2024 compared to$1,935 per ounce in H1 2023[19] - The average realized copper price increased by 13% to $3.67 per pound in H1 2024 compared to$3.27 per pound in H1 2023[19] - Mine operating profit decreased by $78.7 million to$17.9 million in H1 2024 compared to $96.6 million in H1 2023[19] - The Changshanhao gold mine's production rate was reduced to 40,000 tons per day in 2019, with a mine life of 7 years[26] - Total ore stacked in Q2 2024 was 3.41 million tons, with a gold content of 43,184 ounces, and the overall gold recovery rate decreased to 55.77$2.9/lb, $15.5/lb,$2.9/lb, $0.95/lb,$1,300/oz, and $20/oz respectively[39] - The company's cumulative surplus as of June 30, 2024, is$348.0 million, with operating capital of $207.1 million and borrowings of$795.8 million[42] - The company had 2,121 employees as of June 30, 2024, operating in various regions[71] - The company's total equity as of June 30, 2024, was $1,708.048 million, a decrease from$1,727.741 million as of January 1, 2024[80] - The company's retained earnings as of June 30, 2024, were $347.982 million, down from$380.375 million as of January 1, 2024[80] - The company's total assets as of June 30, 2024, were $1,708.048 million, compared to$1,727.741 million as of January 1, 2024[80] - The company's total liabilities as of June 30, 2024, were $1,686.659 million, compared to$1,706.858 million as of January 1, 2024[80] - The company's total equity attributable to owners as of June 30, 2024, was $1,686.659 million, compared to$1,706.858 million as of January 1, 2024[80] - The company's current assets exceeded current liabilities by approximately $207 million as of June 30, 2024[84] - The company agreed to pay RMB 368 million over six years as compensation for the use of state-owned natural resources from July 2017 to April 2023, with the first payment of RMB 61 million made on August 9, 2024[85] - For the six months ended June 30, 2024, the company recognized RMB 15 million (approximately$2.12 million) as a provision for mining rights payments related to the period from May 1, 2023, to June 30, 2024[85] - Revenue from gold bullion for the six months ended June 30, 2024, was $91.3 million, a decrease from$137.7 million in the same period in 2023[89] - Revenue from copper for the six months ended June 30, 2024, was $85.2 million, compared to$134.4 million in the same period in 2023[89] - The company's total operating loss for the six months ended June 30, 2024, was $4.8 million[92] - The company's pre-tax loss for the six months ended June 30, 2024, was$22.5 million[92] - Sales revenue for mineral gold and copper concentrate reached $325.794 million, with mineral gold contributing$137.749 million and copper concentrate contributing $188.045 million[94] - Mine operating profit totaled$96.56 million, with mineral gold contributing $41.907 million and copper concentrate contributing$54.653 million[94] - Total assets increased to $2.898 billion as of June 30, 2024, up from$2.835 billion at the end of 2023[97][98] - Total liabilities rose to $1.19 billion as of June 30, 2024, compared to$1.107 billion at the end of 2023[97][98] - General and administrative expenses for the six months ending June 30, 2024, amounted to $19.745 million, up from$17.48 million in the same period in 2023[99] - The company incurred a penalty of $8.76 million for grassland occupation during the six months ending June 30, 2024[99] - Net exchange loss for the six months ending June 30, 2024, was$8.368 million, primarily due to foreign exchange fluctuations[94] - The company reported a basic loss per share of $0.0799 for the six months ending June 30, 2024, compared to a profit of$0.0608 in the same period in 2023[103] - No dividends were declared for the six months ending June 30, 2024, compared to a special dividend of $0.37 per share declared in the same period in 2023[102] - Trade and other receivables decreased to$8.436 million as of June 30, 2024, from $17.076 million at the end of 2023[105] - Total inventory value increased to$312.9 million as of June 30, 2024, up from $291.6 million as of December 31, 2023[111] - Depreciation of property, plant, and equipment for the six months ending June 30, 2024, was$57.9 million, compared to $75.1 million for the same period in 2023[112] - Total accounts payable and other payables increased to$198.4 million as of June 30, 2024, from $158.3 million as of December 31, 2023[113] - Total borrowings as of June 30, 2024, amounted to$767.8 million, with $147.6 million due within one year[115] - The company incurred$9.7 million in agricultural land use tax and grassland compensation fees for leased land and recognized right-of-use assets in the first half of 2024[112] - The company violated syndicated loan terms due to frozen assets exceeding RMB 200 million, but lenders waived the right to demand immediate repayment for the next 12 months[118] - Work-in-progress gold inventory increased to $242.9 million as of June 30, 2024, up from$221.7 million as of December 31, 2023[111] - The company spent $3.4 million on construction in progress and$2.3 million on mineral assets in the first half of 2024[112] - Prepayments and deposits for land use rights and water treatment projects totaled $16.9 million as of June 30, 2024[109] - The company's total equity remained unchanged at$1.23 billion as of June 30, 2024, with 396.4 million shares issued and fully paid[117] - China Gold holds 40.01% of the company's issued ordinary shares as of June 30, 2024, unchanged from December 31, 2023[121] - Sales of gold ingots to China Gold and its subsidiaries were $55.112 million for the three months and$91.278 million for the six months ended June 30, 2024[122] - Sales of copper and other by-products to China Gold and its subsidiaries were $92.573 million for the three months and$116.594 million for the six months ended June 30, 2024[122] - Cash and cash equivalents held by China Gold subsidiaries increased to $85.775 million as of June 30, 2024, up from$78.264 million at the end of 2023[123] - Restricted balances held by China Gold subsidiaries slightly decreased to $67.274 million as of June 30, 2024, compared to$67.693 million at the end of 2023[123] - Total amounts payable to China Gold and its subsidiaries increased to $133.805 million as of June 30, 2024, from$125.739 million at the end of 2023[126] - The company's investment in listed equity securities on the Hong Kong Stock Exchange increased to $61.522 million as of June 30, 2024, up from$46.328 million at the end of 2023[129] - The fair value of listed equity securities investments decreased to $45.894 million as of the date of the report's authorization for issue[129] - The company recognized an additional interest expense of$694,000 related to an ongoing litigation case for the six months ended June 30, 2024[130] - The litigation with Zhongxin Fang regarding the delivery of a building and 20 parking spaces, as well as the recovery of related tax risks, remains unresolved as of June 30, 2024, with no impairment loss recognized for the new properties[131] - The cumulative credit loss provision for taxes and other surcharges from Zhongxin Fang as of June 30, 2024, is RMB 22,827,000 (approximately USD 3,203,000), with no additional expected credit loss recognized during the six months ended June 30, 2024[131] - The litigation with Huatai Long's independent suppliers over losses due to the suspension of production at the Jiama Mining Area South Pit is ongoing, with no provision made in the financial statements as of June 30, 2024[132] Costs and Expenses - Total production cost per ounce of gold increased by 19% from $1,354 in the same period of 2023 to$1,608 in the first half of 2024[13] - Cash production cost per ounce of gold increased by 1% from $913 in the same period of 2023 to$924 in the first half of 2024[13] - Copper sales revenue for the Jiama mining area in Q2 2024 was $69.64 million, with an average realized price of$3.74 per pound after smelting fee deductions[14] - Total sales cost decreased by $38.7 million to$190.6 million in H1 2024 compared to $229.2 million in H1 2023[19] - Total sales cost for copper and by-products in Q2 2024 was$81.66 million, with a cost of $4.44 per pound, compared to$30.32 million in Q2 2023[25] - Total cash production cost for copper in Q2 2024 was $74.71 million, or$