CNMC Goldmine Holdings has recorded 1HFY2024 ended June earnings of US$4.4 million ($5.83 million), more than what it made for the whole of last year, or 160.4% higher y-o-y.
The eight-year peak was driven by higher gold prices and increased production.
Gold output from its flagship Sokor mine in Malaysia’s Kelantan state rose 27.2% y-o-y to 9,357 ounces, which fetched an average selling price of US$2,266 per ounce, the highest in the company’s history.
With the increased output, all-in costs for every ounce of gold sold fell to US$1,325 in 1HFY2024 from US$1,415 in 1HFY2023.
Total revenue increased 13.1% y-o-y to US$29.7 million, the most the company has generated in any half-year period. Domestic gold sales accounted for US$21.2 million of overall revenue in 1HFY2024, while exports of lead and zinc concentrates made up the rest. CNMC Goldmine started selling these concentrates in the first quarter of 2023.
The company generated net cash of US$9.1 million from operations in 1HFY2024, bringing its total cash and cash equivalents to US$14.7 million as at June 30. It is distributing an interim cash dividend of 0.4 cent per share, double the 0.2 cent per share paid for 2023.
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CNMC Goldmine is currently building another underground facility at Sokor to extract more gold ores that lie deeper below the earth’s surface. This is expected to be ready in 2025. In the meantime, plans are afoot to expand the processing capacity of the existing carbon-in-leach plant in Sokor with the aim of producing more gold.
Shares in CNMC Goldmine closed 0.5 cents higher or 2.12% up on Aug 8 at 24 cents.
