While CNMC was able to sell its gold bars at a higher price of US$1,287.62 per ounce in 1Q17, compared to US$1,155.76 an ounce in 1Q16, the reduced output and sales volume brought overall revenue down by 43.8% to US$4.73 million for 1Q 2017 drove up its all-in production costs in 1Q2017 to US$983 per ounce from US$487 per ounce a year earlier.
SINGAPORE (May 15): CNMC Goldmine reported a 98.8% fall in 1Q17 earnings to US$54,834 ($77,000) from US$4.6 million a year ago because of the lower ore grades as forewarned in its profit guidance.
As a result, CNMC also announced it is building its third processing plant at its flagship Sokor gold field in Malaysia’s Kelantan state in a major effort to enhance gold recovery and boost production.
