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CNMC Goldmine back in black in Q1 after jump in gold production

Published on May 14, 2014 9:20 AM

SINGAPORE - A large jump in gold production has led CNMC Goldmine Holdings to post a net profit of US$1.26 million (S$1.58 million) for the first quarter, reversing a loss of US$0.6 million the year before.

CNMC said its production of fine gold jumped nearly five times, to 4,010.15 oz in the first three months of this year from 684.99 oz in the same period last year.

Revenue for fine gold surged six times to US$5.11 million in the first quarter, it added. This was despite a 20.8 per cent decrease in the average selling price of gold over the same period.

CNMC continued to add new mineral resources to its asset portfolio and intends to further increase its gold production.

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