Seeking Alpha

User 13230992's  Instablog

User 13230992
Send Message
  • China Resources International Ramps Up Production 0 comments
    Jul 3, 2013 8:23 AM
    China Resources International is delighted to report that production across its two operating mines has increased 28% on the year to date.

    Nov. 9, 2012 - China Resources International has reported a production increase of 28% based on a comparison of the year to date, on the same period last year. The increase in production has been noted in both gold and zinc output which have increased 36% and 24% respectively. Gold output rose from 34,000 ounces (2011) to 43,520 in November 2012.

    Mr Wei Feng the company President attributed the rise to increased production at the company's Guizhou mine, combined with the initial output from the Jilin mine where drilling recently began. Mr Feng commented "The observed production increase reflects several factors including the beginning of production in Jilin, the purchase of new equipment, and the ever growing workforce."

    Overall China Resources International has seen exceptional production growth in 2012, which combined with the exceptional grade of ore being mined has reduced cash costs and driven up profits.

    When broken down, the majority of the increase in production appears to have occurred during the third quarter whereas the first two quarters showed only a relatively minor increase in production levels. China Resources International reports that the Guizhou mine still contains vast reserves of mineral gold despite already having been in operation for several years. Gold production estimates for 2013 for China Resources International are in the region of 80,000 ounces, which includes an expected 12,000 ounces from the company's most recent investment in the Xiaoluo mine.

    This announcement may contain forward looking statements which reflect the Company's current beliefs and are based upon information available the time of writing.

    About the company

    China Resources International, is primarily engaged in the exploration, mining of gold in east and south east China. The Company also processes, produces and distributes gold and other precious metals. In late 2004, China Resources International purchased 2000 hectares in the Guizhuo Province in south-east china, an area already well known for gold mining.

Back To User 13230992's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers
Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.