Low ore grades continue to drag on CNMC's Q2 profit

Singapore

PLAGUED by low ore grades and a decline in production since the fourth quarter of 2016, CNMC Goldmine Holdings on Monday reported an 89.8 per cent plunge in its net profit for the second quarter to US$478,000.

CNMC, which is the first Catalist-listed gold mining company on Singapore Exchange, is bullish on gold prices and is depending on its newest and upcoming carbon-in-leach (CIL) plant in Kelantan, Malaysia to accumulate enough high-grade ore to bring gold production level back up.