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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Hong Kong Exchanges and Clearing Limited    0388   HK0388045442

HONG KONG EXCHANGES AND CLEARING LIMITED

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Hong Kong Exchanges and Clearing : MD&A and Financial Statements for Six Months ended June 30, 2019

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08/15/2019 | 12:23am EDT

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

CHINA GOLD INTERNATIONAL RESOURCES CORP. LTD.

中 國 黃 金 國 際 資 源 有 限 公 司

(a company incorporated under the laws of British Columbia, Canada with limited liability)

(Hong Kong Stock code: 2099)

(Toronto Stock code: CGG)

Overseas Regulatory Announcement

VANCOUVER, August 14, 2019 - China Gold International Resources Corp. Ltd. (TSX: CGG; HKEx: 2099) has filed MD&A and Financial Statements for the Six months Ended June 30, 2019 on SEDAR (www.sedar.com) on August 14, 2019, Vancouver time.

Please see the attached announcement for more details.

By order of the Board

China Gold International Resources Corp. Ltd.

Mr. Song, Xin

Chairman

Hong Kong, August 15, 2019

As of the date of this announcement, the executive Directors of the Company are Mr. Song, Xin , Mr. Jiang, Liangyou , Mr. Guan, Shiliang , the non-executive Directors of the Company are Mr. Teng, Yongqing and Ms. Kang, Fuzhen and the independent non-executive Directors of the Company are Mr. He, Ying Bin Ian , Mr. Shao, Wei , Mr. Shi, Bielin and Ms. Han, Ruixia .

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

China Gold International Resources Corp. Ltd.

Management's Discussion and Analysis of Financial

Condition and Results of Operations

Six months ended June 30, 2019

(Stated in U.S. dollars, except as otherwise noted)

Suite 660, One Bentall Centre, 505 Burrard Street, Box 27, Vancouver, BC, V7X 1M4

Tel: 604-609-0598 Fax: 604-688-0598E-mail: info@chinagoldintl.com, www.chinagoldintl.com

MANAGEMENT'S DISCUSSION AND ANALYSIS

Management's Discussion and Analysis of Financial Condition and Results of Operations for the three and six months ended June 30, 2019. (Stated in U.S. dollars, except as otherwise noted)

FORWARD-LOOKING STATEMENTS

2

THE COMPANY

3

OVERVIEW

3

PERFORMANCE HIGHLIGHTS

3

OUTLOOK

3

RESULTS OF OPERATIONS

4

SELECTED QUARTERLY FINANCIAL DATA

4

SELECTED QUARTERLY AND ANNUAL PRODUCTION DATA AND ANALYSIS

4

REVIEW OF QUARTERLY DATA

5

NON-IFRS MEASURES

7

MINERAL PROPERTIES

9

THE CSH MINE

9

THE JIAMA MINE

11

LIQUIDITY AND CAPITAL RESOURCES

13

CASH FLOWS

14

OPERATING CASH FLOW

14

INVESTING CASH FLOW

14

FINANCING CASH FLOW

14

SIGNIFICANT INVESTMENTS, ACQUISITIONS AND DISPOSAL OF SUBSIDIARIES. ASSOCIATES AND

JOINT VENTURES, AND FUTURE PLAN FOR MATERIAL INVESTMENTS OF CAPITALASSETS

15

CHARGE ON ASSETS

15

EXPOSURE TO FLUCTUATIONS IN EXCHANGE RATES AND RELATED HEDGES

15

COMMITMENTS AND CONTINGENCIES

15

RELATED PARTY TRANSACTIONS

16

PROPOSED TRANSACTIONS

16

CRITICALACCOUNTING ESTIMATES

16

CHANGE IN ACCOUNTING POLICIES

17

FINANCIAL INSTRUMENTS AND OTHER INSTRUMENTS

17

OFF-BALANCE SHEET ARRANGEMENTS

17

DIVIDEND AND DIVIDEND POLICY

17

OUTSTANDING SHARES

17

DISCLOSURE CONTROLS AND PROCEDURES AND INTERNAL CONTROL OVER FINANCIAL

REPORTING

17

RISK FACTORS

18

QUALIFIED PERSON

18

ADDITIONAL INFORMATION

18

1 | P a g e

China Gold International Resources Corp. Ltd.

The following Management Discussion and Analysis of financial condition and results of operations ("MD&A") is prepared as of August 14, 2019. It should be read in conjunction with the consolidated financial statements and notes thereto of China Gold International Resources Corp. Ltd. (referred to herein as "China Gold International", the "Company", "we" or "our" as the context may require) for the three and six months ended June 30, 2019 and the three and six months ended June 30, 2018, respectively. Unless the context otherwise provides, references in this MD&A to China Gold International or the Company refer to China Gold International and each of its subsidiaries collectively on a consolidated basis.

The following discussion contains certain forward-looking statements relating to the Company's plans, objectives, expectations and intentions, which are based on the Company's current expectations and are subject to risks, uncertainties and changes in circumstances. Readers should carefully consider all of the information set out in this MD&A, including the risks and uncertainties outlined further in the Company's Annual Information Form ("Annual Information Form" or "AIF") dated March 26, 2019 on SEDAR at www.sedar.com. For further information on risks and other factors that could affect the accuracy of forward-looking statements and the result of operations of the Company, please refer to the sections titled "Forward-Looking Statements" and "Risk Factors" and to discussions elsewhere within this MD&A. China Gold International's business, financial condition or results of operations could be materially and adversely affected by any of these risks.

FORWARD-LOOKING STATEMENTS

Certain statements made herein, other than statements of historical fact relating to the Company, represent forward-looking information. In some cases, this forward-looking information can be identified by words or phrases such as "may", "will", "expect", "anticipate", "contemplates", "aim", "estimate", "intend", "plan", "believe", "potential", "continue", "is/are likely to", "should" or the negative of these terms, or other similar expressions intended to identify forward-looking information. This forward-looking information includes, among other things; China Gold International's production estimates, business strategies and capital expenditure plans; the development and expansion plans and schedules for the CSH Mine and the Jiama Mine; China Gold International's financial condition; the regulatory environment as well as the general industry outlook; general economic trends in China; and statements respecting anticipated business activities, planned expenditures, corporate strategies, participation in projects and financing, and other statements that are not historical facts.

By their nature, forward-looking information involves numerous assumptions, both general and specific, which may cause the actual results, performance or achievements of China Gold International and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Some of the key assumptions include, among others, the absence of any material change in China Gold International's operations or in foreign exchange rates, the prevailing price of gold, copper and other non-ferrous metal products; the absence of lower-than-anticipated mineral recovery or other production problems; effective income and other tax rates and other assumptions underlying China Gold International's financial performance as stated in the Company's technical reports for its CSH Mine and Jiama Mine; China Gold International's ability to obtain regulatory confirmations and approvals on a timely basis; continuing positive labor relations; the absence of any material adverse effects as a result of political instability, terrorism, natural disasters, litigation or arbitration and adverse changes in government regulation; the availability and accessibility of financing to China Gold International; and the performance by counterparties of the terms and conditions of all contracts to which China Gold International and its subsidiaries are a party. The forward-looking information is also based on the assumption that none of the risk factors identified in this MD&A or in the AIF that could cause actual results to differ materially from the forward-looking information actually occurs.

Forward-looking information contained herein as of the date of this MD&A is based on the opinions, estimates and assumptions of management. There are a number of important risks, uncertainties and other factors that could cause actual actions, events or results to differ materially from those described as forward-looking information. China Gold International disclaims any obligation to update any forward-looking information, whether as a result of new information, estimates, opinions or assumptions, future events or results, or otherwise except to the extent required by law. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking information in this MD&A is expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on forward-looking information.

2 | P a g e

China Gold International Resources Corp. Ltd.

THE COMPANY

Overview

China Gold International is a gold and base metal mining company based in Vancouver, Canada. The Company's main business involves the operation, acquisition, development and exploration of gold and base metal properties.

The Company's principal mining operations are the Chang Shan Hao Gold Mine ("CSH Mine" or "CSH"), located in Inner Mongolia, China and the Jiama Copper-Gold Polymetallic Mine ("Jiama Mine" or "Jiama"), located in Tibet, China. China Gold International holds a 96.5% interest in the CSH Mine, while its Chinese joint venture ("CJV") partner holds the remaining 3.5% interest. The Company owns a 100% interest in the Jiama Mine, which hosts a large scale copper-gold polymetallic deposit containing copper, gold, molybdenum, silver, lead and zinc metals.

China Gold International's common shares are listed on the Toronto Stock Exchange ("TSX") and The Stock Exchange of Hong Kong Limited ("HKSE") under the symbol CGG and the stock code 2099, respectively. Additional information about the Company, including the Company's Annual Information Form, is available on SEDAR at sedar.com as well as Hong Kong Exchange News at hkexnews.hk.

Performance Highlights

Three months ended June 30, 2019

  • Revenue increased by 15% to US$163.2 million from US$142.1 million for the same period in 2018.
  • Mine operating earnings decreased by 80% to US$7.3 million from US$35.8 million for the same period in 2018.
  • Net profit after tax decreased from US$0.4 million for the 2018 period to a net loss after income taxes of US$23.0 million for the same period in 2019.
  • Total gold production increased by 2% to 55,503 ounces from 54,377 ounces for the same period in 2018.
  • Total copper production increased by 17% to 16,126 tonnes (approximately 35.6 million pounds) from 13,738 tonnes (approximately 30.3 million pounds) for the same period in 2018. The increase in production was primarily due to the output from the commercial production of the Phase II expansion at the Jiama Mine.

Six months ended June 30, 2019

  • Revenue increased by 24% to US$308.8 million from US$248.8 million for the same period in 2018.
  • Mine operating earnings decreased by 47% to US$22.6 million from US$42.3 million for the same period in 2018.
  • Net profit after tax decreased from US$2.4 million for the 2018 period to a net loss after income taxes of US$27.5 million for the same period in 2019.
  • Total gold production decreased by 1% to 99,527 ounces from 100,642 ounces for the same period in 2018.
  • Total copper production increased by 49% to 30,959 tonnes (approximately 68.3 million pounds) from 20,799 tonnes (approximately 45.9 million pounds) for the same period in 2018. The increase in production was primarily due to the output from the commercial production of the Phase II expansion at the Jiama Mine.

OUTLOOK

  • Projected gold production of 210,000 ounces in 2019.
  • Projected copper production of approximately 132 million pounds in 2019.
  • The Company will continue to leverage the technical and operating experience of the Company's substantial shareholder, China National Gold Group Corporation ("CNG"), to improve operations at its mines. In addition, the Company continues to focus its efforts on increasing production while minimizing costs at both mines.
  • To fulfill its growth strategy, the Company is continually working with CNG and other interested parties to identify potential international mining acquisition opportunities, namely projects outside of China.

3 | P a g e

China Gold International Resources Corp. Ltd.

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

HKEx - Hong Kong Exchanges and Clearing Ltd. published this content on 15 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2019 04:21:03 UTC

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Financials (HKD)
Sales 2019 16 670 M
EBIT 2019 11 513 M
Net income 2019 9 824 M
Finance 2019 60 704 M
Yield 2019 2,78%
P/E ratio 2019 32,1x
P/E ratio 2020 29,3x
EV / Sales2019 15,4x
EV / Sales2020 11,9x
Capitalization 317 B
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Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 278,41  HKD
Last Close Price 252,40  HKD
Spread / Highest target 34,7%
Spread / Average Target 10,3%
Spread / Lowest Target -14,8%
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Charles Xiaojia Li CEO & Ex-Officio Executive Director
May Lung Cha Chairman
Chi Kin Tai Joint Chief Operating Officer & Head-Clearing
Kwok Keung Lee Joint Chief Operating Officer
John F. Killian Chief Financial Officer
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