China Nonferrous Gold Limited Reports Unaudited Consolidated Earnings Results for the Six Months Ended June 30, 2018; Provides Pakrut Gold Mine Production Guidance for the Year 2019; Announces Production Capacity and Strive to Double its Capacity by 2021
September 27, 2018 at 11:30 am IST
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China Nonferrous Gold Limited reported unaudited consolidated earnings results for the six months ended June 30, 2018. For the period, the company reported loss attributable to owners of the company of $3,362,000 or 0.88 cents per basic and diluted share compared to loss attributable to owners of the company of $12,398,000 or 3.24 cents per basic and diluted share reported in the same period last year. Operating loss was $3,363,000 against $12,351,000 reported last year. Loss before tax was $3,362,000 against $12,398,000 reported last year. Net cash out flows from operating activities was $5,287,000 against $744,000 reported last year. Payments for mining rights and construction in progress was $23,010,000 against $8,548,000 reported last year.
In 2019, the Pakrut gold mine is expected to achieve an annual production of 660,000 tons and produce 1.3 tons of gold per annum.
Subsequently, the company will fully increase its production capacity, and strive to double its capacity by 2021. While increasing the production, the company is as making every effort to research and refine the selection and improvement process of the Pakrut gold project by continuously reducing production costs, increasing recovery rates and improving its overall competitiveness. After completing the infrastructure projects, expected in the fourth quarter of 2018, the Pakrut gold mine is expected to enter full production and capacity will gradually reach 2,000 tons per day.
China Nonferrous Gold Limited is a mineral exploration and development company. The Company is focused on projects in Tajikistan. The Company has an exploration and Trial License over the Pakrut License Area, covering 63 square kilometers (km2). The License area is located in the Tian Shan Gold Belt. The Company, through its subsidiary LLC Pakrut, has an exploration and trial mining license over the Pakrut License Area, an exploration area that extends approximately 6,300 hectares. It has 100% ownership of production on the Pakrut Gold Project. It has a full mining License for the Pakrut Gold Project by the Government of The Republic of Tajikistan. Total JORC Code-Compliant Resources Of 4,808,000oz Au, Assuming A 0.75g/T Cut-Off Grade, have been defined at the Pakrut Gold Project. In addition to the Pakrut Gold Project, it is focusing on three additional mineralized systems within the exploration license area: Eastern Pakrut, Rufigar and Sulfidnoye.