China Gold International Resources Corp. Ltd. (CGG) reported a sharp earnings rebound for the six months ended 30 June 2026, driven by higher realised metal prices and stronger output at the Jiama copper‐gold mine.
Key financials • Revenue jumped 57.6% year on year to US$0.91 billion, propelled by a 73% rise in realised copper prices to US$4.66/lb and a 52% rise in realised gold prices to US$4,703/oz. • Net profit rose 153.2% to US$0.51 billion; basic EPS climbed to 127.99 US cents from 50.53 US cents. • Mine operating earnings more than doubled to US$0.62 billion, lifting the operating margin to 67.8% (H1 2025: 47.7%). • Operating cash flow expanded 65.8% to US$0.56 billion, enabling cash and equivalents to increase to US$0.59 billion (31 Dec 2025: US$0.40 billion). • Capex was contained at US$22.77 million, down 22.3% year on year, reducing free-cash-flow pressure. • Gearing dropped to 0.17 (31 Mar 2026: 0.22) on lower borrowings of US$0.46 billion.
Segment performance CSH Gold Mine (Inner Mongolia) • Gold revenue grew 37% to US$224.46 million despite an 18% drop in output to 72,317 oz as the average realised price climbed. • Cash cost rose to US$1,291/oz (H1 2025: US$1,153/oz) on lower grades and higher stripping ratios. • A localised slope instability on 22 May has halted open-pit mining; processing continues using stockpiles while geotechnical assessments are under way.
Jiama Copper-Gold Mine (Tibet) • Segment revenue surged 65.6% to US$689.76 million on stronger copper pricing and by-product credits. • Copper sales edged up 2% to 77.24 million lb; by-product gold, silver, lead and zinc volumes all rose. • Unit copper cash cost fell to US$2.48/lb; after by-product credits the cash cost turned negative at US$-1.75/lb. • Total production cost after credits also turned negative (-US$0.98/lb), reflecting higher precious-metal volumes.
Balance-sheet highlights Working capital improved to US$0.91 billion (31 Dec 2025: US$0.58 billion). Property, plant and equipment stood at US$1.34 billion, while mineral rights and other intangibles totalled US$0.71 billion. Net debt was cut by US$71.02 million to US$-0.12 billion (net cash position).
Guidance & development • 2026 output targets: CSH gold 70,732–83,592 oz; Jiama copper 140–149 million lb, gold 70,732–75,554 oz, silver 4.18–4.82 million oz. • Jiama Phase III Youlongbu tailings facility remains on track for end-2027 start-up, enabling plant throughput to return to 50,000 tpd and supporting a sizeable reserve upgrade announced on 30 June 2026 (measured resources +523%). • Underground transition studies continue at CSH as the open-pit nears end-of-life.
Dividend A final 2025 dividend of US$0.47 per share (US$0.35 base plus US$0.12 special) totalling US$186.31 million was paid in Q2. The board maintains a payout policy of at least 30% of prior-year net profit, supplemented by discretionary specials subject to cash flow.
Outlook Management expects stable annual production despite the CSH pit incident, with higher commodity prices and Jiama’s growing reserve base underpinning cash generation and future expansion potential.