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Public company info - Hengxing Gold Holding Company Limited , 02303.HK
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Hengxing Gold Holding Company Limited, 02303.HK - Company Profile
Chairman Ke Xiping
Share Issued (share) 925,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Precious Metal
Corporate Profile Business Summary: The Group is engaged in mining and processing of gold, sales of processed gold products in the People’s Republic of China (the “PRC”). Performance for the year: Net profit after tax decreased by 18% to RMB215 million from the corresponding period of last year. Business Review: During the Period Under Review, benefited from the global gold price surge the Group’s average realized gold price achieved RMB318.6/gram, 17% higher than the same period of 2018. Revenue from the gold mining segment for the year of 2019 increased 2% over the prior year’s compared period to RMB845 million, while net profit after tax was RMB215 million, lower by 17.8% than that of the same period of 2018. The Group still has a healthy balance sheet with a debt ratio of 13% and had paid off all bank borrowings. During the Period Under Review, the Gold Mountain Mine processed 6.4 million tonnes of newly mined ore with a feed-in grade of 0.73g/t and 1.95 million tonnes of ore in the existing pad with grade of 0.35g/t. It produced 85,654 ounces (equivalent to approximately 2,664.1 kg) of gold, decreased approximately 13% compared to the same period of 2018. The all-in sustaining cost was maintained at a competitive level of RMB198/gram (equivalent to US$883/oz with exchange rate of RMB6.9762/USD as at 31 December 2019), 31% higher than RMB150.6/gram from the same period last year due to the lower gold production and higher raw material price. The decrease in gold production was mainly resulted from lower gold production in the first half of the year. Because ore processed in the first half of 2019 mainly comes from the lower grade ore body in the Jingxi-Balake pit and Yelmand pit, leading to a lower gold production. The Group remains committed to continuously improving recovery rate through technical optimization, such as biological pre-oxidation test. During the Period Under Review, RMB28.02 million was invested for ecological recovery and remediation, including the reclaim work in the Mayituobe pit and other greening area approximately 132,400 square meters. The greening area added up to 573,400 square meters with more than 7,000 trees and 6,360 kilogram of grass seeds. The Group also recognizes that the Group have an important opportunity and business imperative to contribute to the positive social and economic development of the Group’s host communities. The Group has made in-depth desktop reviews of multiple projects across the world in the year of 2019 and the reviews are ongoing while the Group has not reached any definitive agreements in relation to any project as at the date of this announcement. Prospects: The principal business objectives of the Group are to explore, develop and operate gold projects. The Group also seek acquisition opportunities domestically and globally to pursue rapid growth and expansion of the Group’s asset portfolio. The Group aims at transition from a single mine company to a mid-tier gold producer through the following strategies: Operation stability The Group plans to strengthen mine plan and production schedule in the Gold Mountain Mine in order to maintain the stability of the output. The management team of the mine continues to be focused on improving the efficiency of the operation including enhancing ore processing procedures and increasing recovery rate. The Group anticipate the improvement would optimize the economical outcome and the Gold Mountain Mine could at last to deliver an average annual production of approximately 80,000 ounces of gold in the next few years. Seek sustainable growth by acquiring quality gold assets The Group is determined to be focused on gold exploration and mining operation activities. In the past years the Group has successfully and significantly improved the operational results of Gold Mountain Mine, it helped to secure a healthy ground for the Group for further growth. With strong financial support, the Group consider current and near-term market condition providing an opportunity for growth by acquisitions. The Group would make continual efforts to pursue high-quality gold assets from both domestic and overseas. The Group’s primary target is pursuing gold assets in advanced stage to strengthen the Group’s resource and reserve basis. In the long term, the Group plans to grow to a mid-tier gold producer with a global portfolio of long-life assets. Further strengthening work safety and environmental protection The Group is committed to participate in the Green Mining initiative led by the state government. The Group vigorously promote cautious behavior throughout the Group’s workforce with safety control and acknowledgement of the precious ecological environment surround the mine area. It is the Group’s ultimate goal to eliminate workplace injuries and illnesses, in order to do so, relevant policies focused on behaviors, leadership and risk management are being implemented. In the past years Hengxing Gold has developed several green projects cooperated with local communities for growing trees, vegetables, flowers and protection of biodiversity. There is also an employee program to select and train young people from local minority villages to work in the Gold Mountain Mine.

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