CHINAGOLDINTL (02099.HK): Management Approves Advancement of Jiama Mine Development Plan, Daily Processing Capacity to Expand to Approximately 160,000 Tonnes
NewTimeSpace News: On 14 August 2026, China Gold International Resources Corp. Ltd. (stock code: 02099; TSX: CGG) published an overseas regulatory announcement that the Company's management has approved a proposal submitted by Tibet Huatailong Mining Development Co., Ltd. (Huatailong), its wholly-owned subsidiary, to advance the next-stage development plan of the Jiama copper-polymetallic mine (the Jiama Mine) in the Tibet Autonomous Region of China.
According to the announcement, after evaluating and comparing multiple optional development schemes, the proposed development plan will expand the combined ore processing capacity of the Jiama Mine from the current design capacity of 50,000 tonnes per day to approximately 160,000 tonnes per day, subject to the ongoing pre-feasibility study (PFS), subsequent internal reviews, necessary regulatory approvals and other statutory procedures. The development plan also marks a significant shift in mining strategy - from the current combined open-pit and underground mining mode to an operating system led by a "large-scale open-pit mining" strategy, which is expected to significantly improve operational efficiency and achieve economies of scale. The PFS, expected to be completed by the end of this year, will provide a scientific basis for subsequent investment and construction decisions through systematic assessment of the optimal mining plan, engineering configuration, capital investment and project economics.
The announcement also restated the updated mineral resource and ore reserve estimates (as of 30 June 2026, at a 0.3% copper cut-off grade): for the mining licence and exploration licence areas of the Jiama Mine, measured plus indicated resources totalled 1,335 million tonnes (copper grade 0.69%, copper equivalent 1.12%), with inferred resources of 454.7 million tonnes; in respect of ore reserves, underground proven plus probable reserves totalled 538.5 million tonnes (copper equivalent grade 1.61%), while open-pit proven plus probable reserves totalled 112.74 million tonnes (copper equivalent grade 0.61%). These estimates will fully supersede and replace the corresponding data previously disclosed by the Company, and the Company will re-file an updated NI 43-101 Technical Report through the SEDAR+ system within forty-five (45) calendar days. The Company also expects that the Yulongbu tailings storage facility, currently under construction, will be completed on schedule before the fourth quarter of 2027, and will not pose a bottleneck constraint on the commencement of the expansion project.
Mr. Hou Chenguang, Chairman and Chief Executive Officer of the Company, stated that this approval to advance the next-stage development plan of the Jiama Mine is a key milestone in the Company's long-term development blueprint, and that the Jiama Mine and the Changshanhao gold mine have always been the dual-core asset cornerstones of the Company's development strategy. The Company will advance the project in accordance with professional engineering governance and will keep shareholders informed of major milestones of the Jiama development plan in due course.
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