Investment Rating - The report assigns a "Buy" rating for China Gold International Resources Corp. [3] Core Views - The company is expected to benefit from the gradual resumption of operations at the Jiama mine, with a projected annual gold production of approximately 49,000 tons and copper production reaching 44,500 tons. The report anticipates a bullish trend in gold and copper prices, leading to estimated net profits of 361 million, and 0.33, 1.07 [8][9]. Summary by Sections Company Overview - China Gold International Resources Ltd. is a Hong Kong-listed company primarily engaged in gold and copper mining, backed by the China National Gold Group. The company operates two major mines: the Changshan Gold Mine in Inner Mongolia and the Jiama Mine in Tibet. In 2022, the company produced 7.4 tons of gold and 85,000 tons of copper, but production was affected in 2023 due to the Jiama mine's temporary shutdown [24][28]. Mine Resumption and Performance Recovery - The Jiama mine is set to resume operations in mid-2024, contributing significantly to profit recovery. The company reported a revenue of 0.05 million, reflecting a 40.07% improvement compared to the previous year. The recovery is attributed to the resumption of the Jiama mine's second-phase processing plant and the stable production at the Changshan mine [35][36]. Resource and Production Capacity - The Jiama mine has substantial resources, with proven and controlled copper reserves of 5.5436 million tons and gold reserves of 4.39 million ounces as of the end of 2023. The mine's production capacity is expected to support ongoing operations for over 30 years, with a design capacity of 50,000 tons per day [9][64]. Financial Projections and Valuation - The report projects significant revenue growth for the company, with expected revenues of 1.354 billion, and $1.615 billion for 2024, 2025, and 2026 respectively. The anticipated P/E ratios for these years are 16.37, 6.01, and 5.12, indicating a favorable valuation outlook [12][8].
中国黄金国际：甲玛矿全面复产渐进，集团优质资产注入可期