Revenue and Sales Performance - Sales revenue decreased by 72% to $71.3 million in Q4 2023 compared to $253.9 million in Q4 2022[6] - Total sales revenue for 2023 was $459.4 million, down from $1.1 billion in 2022[2] - Total revenue for 2023 decreased by 58% to $459.4 million compared to $1,104.9 million in 2022[10] - Sales revenue from the Changshanhao mine decreased from $267.5 million in 2022 to $252.6 million in 2023, a reduction of $14.9 million[19] - Sales revenue from the Jiama mining area decreased from $837.4 million in 2022 to $206.8 million in 2023, a reduction of $630.6 million[19] - Sales revenue decreased to $459.434 million in 2023 from $1.104949 billion in 2022, a significant drop of 58.4%[76] - Revenue from gold bullion in 2023 was $252.6 million, a decrease from $267.546 million in 2022[140] - Revenue from copper in 2023 was $147.278 million, a significant decrease from $617.226 million in 2022[140] - Revenue from other by-products in 2023 was $59.556 million, down from $220.177 million in 2022[140] - Total revenue for 2023 was $459.434 million, a sharp decline from $1.104949 billion in 2022[140] - Mining gold segment revenue for 2023 was $252.6 million, while mining copper concentrate segment revenue was $206.8 million, totaling $459.4 million[144] - The company's total revenue for 2022 was $1.1 billion, with $267.5 million from the mining gold segment and $837.4 million from the mining copper concentrate segment[146] Net Profit and Loss - Net loss of $17.5 million in Q4 2023, compared to a net profit of $48.5 million in Q4 2022[6] - Net loss for 2023 was $22.9 million, compared to a net profit of $225.4 million in 2022[2] - Net loss for 2023 was $23.0 million, a significant decline from the net profit of $225.4 million in 2022[9] - Net loss increased from a profit of $225.4 million in 2022 to a loss of $23.0 million in 2023[20] - Net loss for the year was $22.969 million in 2023, compared to a net profit of $225.401 million in 2022[76] - The company recorded a net loss of $23 million for the year ended December 31, 2023[70] - The company recorded a net loss of $23 million for the year ended December 31, 2023[136] - Net profit attributable to the company's owners for the year 2023 was a loss of $25.5 million, compared to a profit of $222.7 million in 2022[80] - Total comprehensive income for 2023 was a loss of $30.4 million, compared to a profit of $167.2 million in 2022[80] Production and Costs - Gold production decreased by 57% to 25,500 ounces in Q4 2023 from 59,992 ounces in Q4 2022[6] - Copper production was 184,077 pounds (approximately 83 tons) in Q4 2023, due to limited production from the Jiama mine, compared to 45.1 million pounds (approximately 20,472 tons) in Q4 2022[6] - Gold production decreased by 38% to 147,963 ounces in 2023 from 238,836 ounces in 2022[10] - Copper production dropped by 76% to 44.2 million pounds (approximately 20,051 tons) in 2023 from 187.4 million pounds (approximately 85,004 tons) in 2022[10] - The company expects gold production at Changshanhao Mine in 2024 to be between 106,097 ounces and 112,528 ounces (approximately 3.3 to 3.5 tons)[12] - The company anticipates copper production at Jiama Mine in 2024 to be between 95.0 million pounds and 98.0 million pounds (approximately 43,200 to 44,500 tons)[12] - Gold production at Jiama Mine in 2024 is expected to range between 42,439 ounces and 45,333 ounces (approximately 1.32 to 1.41 tons)[12] - Gold sales at Changshanhao Mine decreased by 36% to 24,290 ounces in Q4 2023 compared to 38,134 ounces in Q4 2022[14] - Total production cost per ounce of gold at Changshanhao Mine increased by 65% to $1,611 in Q4 2023 from $975 in Q4 2022[14] - Cash production cost per ounce of gold at Changshanhao Mine surged by 103% to $1,303 in Q4 2023 from $642 in Q4 2022[14] - Copper sales at Jiama Mine plummeted by 88% to 2,449 tons (5.4 million pounds) in Q4 2023 compared to 19,809 tons (43.7 million pounds) in Q4 2022[15] - Average realized copper price at Jiama Mine dropped by 25% to $2.39 per pound in Q4 2023 from $3.20 per pound in Q4 2022[15] - Total production cost per pound of copper at Jiama Mine rose to $8.04 in Q4 2023 from $3.33 in Q4 2022[15] - Total gold sales volume in 2023 was 24,626 ounces, a decrease from 36,948 ounces in 2022[23] - Total cash production cost for gold in 2023 was $1,303 per ounce, compared to $642 per ounce in 2022[23] - Total copper sales volume in 2023 was 5,399,496 pounds, a significant decrease from 43,670,559 pounds in 2022[24] - Total cash production cost for copper in 2023 was $7.29 per pound, compared to $2.64 per pound in 2022[24] - The Changshanhao gold mine's ore stacking volume in 2023 was 10.0 million tons, with a total gold content of 102,702 ounces[28] - The overall cumulative recovery rate for the gold project as of December 31, 2023, was approximately 56.26%[28] - The Changshanhao mine's designed mining and processing capacity is 60,000 tons per day, but production was reduced to 40,000 tons per day in 2019[25] - Jiama mining area processed 4,280,227 tons of ore in 2023, a decrease from 17,446,643 tons in 2022[36] - The average copper ore grade in Jiama mining area was 0.56% in 2023, slightly lower than 0.57% in 2022[36] - Copper recovery rate in Jiama mining area remained stable at 85% in both 2022 and 2023[36] - The average gold grade in Jiama mining area decreased to 0.21 g/t in 2023 from 0.23 g/t in 2022[36] - Silver recovery rate in Jiama mining area improved to 63% in 2023 from 60% in 2022[36] - The company's mining costs for the year ended December 31, 2023, were $43.3 million, with mineral processing costs of $75.2 million and transportation costs of $1.7 million[49] - The company added $42.3 million in property, plant, and equipment in 2023, with $40.2 million allocated to the mining copper concentrate segment[152] - Depreciation of property, plant, and equipment for 2023 was $106.9 million, with $56.7 million attributed to the mining gold segment and $50.3 million to the mining copper concentrate segment[152] - Total depreciation for property, plant, and equipment decreased to $106.947 million from $163.407 million in the previous year[165] Cash Flow and Financial Position - Operating cash flow decreased to $1.6 million in 2023 from $447.3 million in 2022[2] - Cash and cash equivalents decreased to $97.2 million in 2023 from $428.5 million in 2022[2] - Operating cash flow decreased sharply to $1.6 million in 2023 from $447.3 million in 2022[9] - Cash and cash equivalents declined sharply to $97.237 million in 2023 from $428.453 million in 2022, a decrease of 77.3%[78] - Operating cash flow from activities decreased significantly to $1.57 million in 2023 from $447.3 million in 2022[82] - Cash and cash equivalents decreased by $324.96 million in 2023, ending the year at $97.24 million[82] - The company's net cash inflow from operating activities for the year ended December 31, 2023, was $1.6 million, primarily from depreciation of property, plant, and equipment ($107.0 million), financing costs ($25.0 million), and mining rights amortization ($10.4 million)[46] - The company's net cash outflow from investing activities for the year ended December 31, 2023, was $121.3 million, mainly used for restricted deposits ($68.0 million) and payments for property, plant, and equipment ($59.4 million)[47] - The company's net cash outflow from financing activities for the year ended December 31, 2023, was $205.2 million, primarily due to repayment of borrowings ($401.5 million) and payment of dividends to shareholders ($146.7 million)[48] - The company's total debt as of December 31, 2023, was $766.5 million, with total equity of $1,727.7 million, resulting in a debt-to-equity ratio of 0.44[49] - The company's cumulative surplus as of December 31, 2023, was $380.4 million, with working capital of $170.8 million and borrowings of $766.5 million[43] - The company's cash balance as of December 31, 2023, was $97.2 million[43] - The company's total assets decreased to $2.834716 billion in 2023 from $3.194911 billion in 2022[78] - Total liabilities reduced to $1.106975 billion in 2023 from $1.291481 billion in 2022[79] - The company's total equity decreased to $1.73 billion in 2023 from $1.9 billion in 2022[80] - The company's retained earnings decreased to $380.38 million in 2023 from $571.23 million in 2022[80] - The company's investment in mining rights decreased to $1.27 million in 2023 from $1.77 million in 2022[82] - The company's total assets decreased to $1.71 billion in 2023 from $1.88 billion in 2022[80] - The company's market value was lower than the net asset book value by approximately $1.728 billion as of December 31, 2023[70] - The company's market value was lower than its net asset value by approximately $1.728 billion as of December 31, 2023, compared to $1.903 billion in 2022[136] - The company's non-current assets are approximately 98% located in China as of December 31, 2023[154] - The company's total assets for the mining gold segment as of December 31, 2023, were $551.6 million, and for the mining copper concentrate segment, they were $2.23 billion, totaling $2.78 billion[149] - Total liabilities for the mining gold segment as of December 31, 2023, were $34.9 million, and for the mining copper concentrate segment, they were $991.9 million, totaling $1.03 billion[149] Operational Challenges and Legal Issues - The Jiama Mine resumed partial operations on December 15, 2023, with a daily processing capacity of 6,000 tons[11] - Jiama Mine resumed partial operations in December 2023 with a daily processing capacity of 6,000 tons after a tailings spill incident in March 2023[16] - The company's Jiama Mine experienced a tailings spill on March 27, 2023, leading to a temporary suspension of operations. The mine partially resumed operations on December 15, 2023, after receiving approval from the Lhasa Emergency Management Bureau[84] - The company is involved in multiple lawsuits and disputes related to construction contract breaches, with a confirmed liability of $23 million and pending litigation amounting to $68 million as of December 31, 2023[85] - The company made provisions for a legal dispute with an independent supplier of Huatai Long, with details disclosed in Note 31[139] - The company recognized an impairment loss of RMB 13,328,000 (approximately $1,872,000) for the new properties due to the suspension of the comprehensive project in Lhasa, Tibet[197] Dividends and Shareholder Returns - The company declared a special dividend of $0.37 per ordinary share for the fiscal year ending December 31, 2022, paid on June 15, 2023[61] - The company does not recommend paying dividends for the 2023 full-year results[61] - The company declared and paid dividends of $0.37 per ordinary share for the year ended December 31, 2023, totaling $146,673,000, compared to $0.25 per share and $99,103,000 in 2022[174] - The company paid $146.67 million in dividends to shareholders in 2023, compared to $99.1 million in 2022[82] Exploration and Development - The company signed a major contract for the 2023-2025 open-pit mining project with an estimated value of $128.3 million[27] - The company completed a diamond drilling exploration program within the mining permit area, totaling 1,290.78 meters and 3 drill holes[29] - The company also completed another diamond drilling exploration program within the mining permit area, totaling 4,172.14 meters and 4 drill holes[29] - The total mineral resources at the Changshanhao mine as of December 31, 2023, are 33,370 thousand tons with an average gold grade of 0.65583 g/t, containing 21.89 tons of gold (0.70 million ounces)[30] - The underground mineral resources at the Changshanhao mine as of December 31, 2023, are 178,050 thousand tons with an average gold grade of 0.62 g/t, containing 110.73 tons of gold (3.56 million ounces)[30] - The total mineral reserves at the Changshanhao mine as of December 31, 2023, are 33,370 thousand tons with an average gold grade of 0.65 g/t, containing 21.84 tons of gold (0.70 million ounces)[32] - The Jiama mining area has a combined mining and processing capacity of 50,000 tons per day, with Phase I reaching a design capacity of 6,000 tons per day in 2011 and Phase II reaching 44,000 tons per day in 2018[33] - The company planned a geological exploration project with a total budget of RMB 34.47 million in 2023, but it was temporarily suspended due to tailings overflow[37] - The measured and indicated resources of Jiama project as of December 31, 2023, included 1,403.39 million tons with 0.40% copper, 0.03% molybdenum, and 5.45 g/t gold[38] - The proven and probable reserves of Jiama project as of December 31, 2023, included 355.98 million tons with 0.60% copper, 0.04% molybdenum, and 10.25 g/t gold[40] - The copper price used for resource and reserve estimation was $2.9 per pound, and the gold price was $1,300 per ounce[39][41] - The overall copper recovery rate for both open-pit and underground mining methods was estimated at 88-90%[41][42] - The company's cumulative surplus as of December 31, 2023, was $380.4 million, with working capital of $170.8 million and borrowings of $766.5 million[43] - The company's cash balance as of December 31, 2023, was $97.2 million[43] - The company's net cash inflow from operating activities for the year ended December 31, 2023, was $1.6 million, primarily from depreciation of property, plant, and equipment ($107.0 million), financing costs ($25.0 million), and mining rights amortization ($10.4 million)[46] - The company's net cash outflow from investing activities for the year ended December 31, 2023, was $121.3 million, mainly used for restricted deposits ($68.0 million) and payments for property, plant, and equipment ($59.4 million)[47] - The company's net cash outflow from financing activities for the year ended December 31, 2023, was $205.2 million, primarily due to repayment of borrowings ($401.5 million) and payment of dividends to shareholders ($146.7 million)[48] - The company's total debt as of December 31, 2023, was $766.5 million, with total equity of $1,727.7 million, resulting in a debt-to-equity ratio of 0.44[49] - The company secured a loan of RMB 3.98 billion (approximately $613 million) from a syndicate led by Bank of China, with an annual interest rate of 2.83%, for the development of the Jiama mining area[43] - The company obtained multiple loans in 2023, including a RMB 300 million (approximately $41.5 million) loan
中国黄金国际(02099) - 2023 - 年度业绩