China Gold International Resources (TSE: CGG) was weighing on Toronto's main index on Monday, lately down more than 14 percent after announcing over the weekend that a landslide in an exploration area at the company's Jiama mine trapped 83 people.
The mine is operated by Tibet Huatailong Mining Development Ltd., the wholly-owned subsidiary of China Gold International.
According to the release, the landslide occurred on Friday March 29 at about 6 a.m. Beijing time. On-site emergency rescue is being organized by local government, the company said in a press release on Saturday.
China Gold's chairman, Zhaoxue Sun, as well as senior management and controlling shareholder, China National Gold Group Corp, are on site to assist in the rescue operation. As a result, the company has ceased its roadshow for its 2012 year-end results.
Last week, the gold miner announced that net income for last year fell to US$73.5 million from $82.0 million in 2011, while revenue increased by 7 percent to US$332.4 million.
The total production cost of gold per ounce and cash production cost of gold per ounce for the year both increased compared with the same periods in 2011, with the company citing greater amount of waste rock mined, and higher processing costs.
China Gold operates the CSH Gold Mine in Inner Mongolia, and the Jiama Copper-Polymetallic Mine in Tibet Autonomous Region of the People's Republic of China.
The company declined Monday in tandem with a retreat for the gold sector in Toronto, despite higher metal prices on the day as investors have recently drastically shied away from gold miners.
Gold giants Barrick Gold (TSE:ABX) and Goldcorp (TSE:G) fell almost 1.2 percent and 0.7 percent, respectively, while Kinross Gold (TSE:K) shed 1.2 percent.
China Gold lost 54 cents, lately trading at $3.30 as at 1:40pm ET in Toronto.
Brokers are warning that year-over-year declines in prices of metals during the first quarter, combined with cost pressures, are likely to result in lower earnings in the next few weeks from precious metal miners.
The materials sector in Toronto is down more than 2.2% in the last month. Reported by Proactive Investors 8 hours ago.
The mine is operated by Tibet Huatailong Mining Development Ltd., the wholly-owned subsidiary of China Gold International.
According to the release, the landslide occurred on Friday March 29 at about 6 a.m. Beijing time. On-site emergency rescue is being organized by local government, the company said in a press release on Saturday.
China Gold's chairman, Zhaoxue Sun, as well as senior management and controlling shareholder, China National Gold Group Corp, are on site to assist in the rescue operation. As a result, the company has ceased its roadshow for its 2012 year-end results.
Last week, the gold miner announced that net income for last year fell to US$73.5 million from $82.0 million in 2011, while revenue increased by 7 percent to US$332.4 million.
The total production cost of gold per ounce and cash production cost of gold per ounce for the year both increased compared with the same periods in 2011, with the company citing greater amount of waste rock mined, and higher processing costs.
China Gold operates the CSH Gold Mine in Inner Mongolia, and the Jiama Copper-Polymetallic Mine in Tibet Autonomous Region of the People's Republic of China.
The company declined Monday in tandem with a retreat for the gold sector in Toronto, despite higher metal prices on the day as investors have recently drastically shied away from gold miners.
Gold giants Barrick Gold (TSE:ABX) and Goldcorp (TSE:G) fell almost 1.2 percent and 0.7 percent, respectively, while Kinross Gold (TSE:K) shed 1.2 percent.
China Gold lost 54 cents, lately trading at $3.30 as at 1:40pm ET in Toronto.
Brokers are warning that year-over-year declines in prices of metals during the first quarter, combined with cost pressures, are likely to result in lower earnings in the next few weeks from precious metal miners.
The materials sector in Toronto is down more than 2.2% in the last month. Reported by Proactive Investors 8 hours ago.