China Gold International Resources Reports 2026 Second Quarter and First Half Results - A New Record High in Revenue and Net Profit
China reports record copper-led profits and gold output declines as its super pit adds optionality to operations.
China Gold International Resources Corp. Ltd. (CGG) released its second-quarter and first-half 2026 earnings on August 13, 2026, reporting significant growth in revenue and profitability despite a decline in gold output.
For the second quarter, revenue reached US$461.0 million, a 50% increase from US$307.3 million in the same period of 2025. Mine operating earnings rose to US$327.3 million, up US$167.9 million from US$159.4 million, while net profit climbed to US$275.8 million, an increase of US$159.5 million from US$116.3 million. Cash flow from operations totaled US$286.5 million, up from US$191.3 million.
Year-to-date figures for the first half of 2026 showed revenue of US$914.2 million, up 58% from US$580.4 million. Mine operating earnings for the period were US$620.1 million, up US$343.0 million from US$277.1 million. Net profit reached US$512.1 million, an increase of US$309.8 million from US$202.3 million, and cash flow from operations was US$555.2 million, up from US$334.8 million.
Production volumes presented a mixed picture. Gold production fell 14% to 37,498 oz in the second quarter, down from 43,403 oz, and dropped 18% to 72,317 oz for the first half, compared to 88,200 oz. Copper production saw slight gains, with the second quarter reaching 41.1 million lbs, up from 39.7 million lbs, and the first half totaling 78.6 million lbs, up from 77.0 million lbs.
The earnings release omitted details on realized prices, all-in sustaining costs (AISC), cash costs, segment-level production, capital expenditures, an updated balance sheet, and revised guidance. On the same day, a separate release approved a development plan for the Jiama project, targeting approximately 160,000 tonnes per day via a super pit, with a preliminary feasibility study (PFS) expected around the end of 2026.
China Gold International Resources Corp. Ltd. (CGG) reported record first-half revenue, mine operating earnings, net profit, and operating cash flow. However, the results were not a surprise, as the first quarter of 2026 had already established a record profit trajectory and the stock had re-rated sharply prior to the release.
Gold production declined 14% in the second quarter and 18% in the first half, a decline likely linked to the May 2026 CSH slope instability event. The release did not provide all-in sustaining costs (AISC), realized prices, or updated guidance, which reduced the information value of the record headline profit.
A same-day announcement regarding the Jiama super pit was potentially more material for the long term, but it remains preliminary, conditional on a preliminary feasibility study (PFS) and permits, and was not part of this earnings release.
China Gold International Resources Corp. Ltd., incorporated in British Columbia, Canada, is listed on the TSX under ticker CGG and on the HKEX under ticker 2099. The company operates two mines: the CSH Gold Mine in Inner Mongolia, China, and the Jiama Copper-Gold Polymetallic Mine in Tibet, China.
Jiama produces copper, molybdenum, gold, silver, lead, and zinc from current open-pit and underground operations. The company has approved a development plan targeting a transition to a super pit strategy at Jiama with a capacity of roughly 160,000 tpd. Meanwhile, CSH produces gold and silver and is transitioning from open-pit to underground operations.