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CNG.GB China Nonferrous Gold Limited

1.20
0.00 (0.00%)
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Realtime Data
Share Name Share Symbol Market Type Share ISIN Share Description
China Nonferrous Gold Limited AQSE:CNG.GB Aquis Stock Exchange Ordinary Share KYG215771042 Ordinary Shares USD0.0001 DI
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 1.20 0.00 -
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

CHINA NONFERROUS GOLD: Interim Results for the Six-Month Period Ended 30 June 2023

22/09/2023 12:18pm

UK Regulatory


China Nonferrous Gold (AQSE:CNG.GB)
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TIDMCNG 
 
 

China Nonferrous Gold Limited

 

('CNG' or the 'Company'

 

And with its subsidiaries the "Group")

 

Interim Results for the Six-Month Period Ended 30 June 2023

 

China Nonferrous Gold Limited (AIM: CNG), the mineral exploration and mining company currently mining the Pakrut Gold Project ('the Pakrut Project') in the Republic of Tajikistan, today announces its interim results for the six-month period ended 30 June 2023.

 

The results below are available on the Company's website at www.cnfgold.com.

 

Highlights

   --  From January to June 2023, a total of 238,917 tons (30 June 2022: 
      302,590 tons) of ore was extracted from the Pakrut gold mine; 268,034 
      tons of ore was processed at a grade of 2.32 g/t; and 15,192 oz. gold 
      ingots were poured. 
 
   --  From January to June 2023, the Group sold 15,192 oz. (30 June 2022: 
      16,484 oz.) of gold ingots, achieving sales revenue of US$30.17 million. 
 
 

For further information please visit the Company's website (www.cnfgold.com) or contact:

 

China Nonferrous Gold Limited

 

Feng Zhishuo, Managing Director

 

Tel: +86 10 8442 6627

 

WH Ireland Limited (NOMAD & Broker)

 

Katy Mitchell, Andrew de Andrade

 

Tel: +44 (0)207 220 1666

 

BlytheRay (PR)

 

Tim Blythe, Megan Ray

 

Tel: +44 (0)20 7138 3224

 

Project Summary

 

The Pakrut Gold Project, of which CNG has 100 per cent ownership, is situated in Tajikistan approximately 120km northeast of the capital city Dushanbe. Pakrut is located within the Tien Shan gold belt, which extends from Uzbekistan into Tajikistan, Kyrgyzstan and Western China, and which hosts a number of multi-million ounce gold deposits.

 

CNG entered steady state production in January 2019.

 

About Tajikistan

 

Tajikistan is a secular republic located in Central Asia. The country is a member of the Commonwealth of Independent States and the Shanghai Cooperation Organization. Tajikistan hosts numerous operating precious metal mines as well as the largest aluminum smelter in Central Asia. CNG's management team has extensive experience in the mining industry in Tajikistan.

 

CEO's Statement

 

As CEO of the board, I present the CEO's statement of the Interim Results for the Six-Month Period Ended 30 June 2023. Pakrut continued producing during the first half of the year, making the Group an important gold producer in Tajikistan.

 

From January to June 2023, a total of 238,917 tons (30 June 2022: 302,590 tons) of ore was extracted from the Pakrut gold mine. In January 2023, an avalanche occurred locally in Tajikistan, damaging the electric power transmission tower that supplied the mine and resulting in a power outage. The power shortage resulted in underground mining and processing plants, and therefore operations at the mine site, being suspended for approximately two months. In March 2023, the road leading to the mining site was been repaired and the site resumed normal operation.

 

During that same six month period:

   --  268,034 tons of ore was processed; 
 
   --  the average grade of the raw ore was 2.32 g/t; 
 
   --  the recovery rate of processing was 90.27%; 
 
   --  7,977.17 tons of concentrate was produced from the processing plant; 
      and 
 
   --  7,467.17 tons of concentrate was treated in the smelter (the 
      comprehensive recovery rate of smelting was 90.76%) and 15,192 oz. gold 
      ingots were poured. 
 

From January to June 2023, the Group sold 15,192 oz. (30 June 2022: 16,484 oz.) of gold ingots, achieving sales revenue of US$30.17million (unaudited) (30 June 2022: $30.71million), with an average sales price of US$1,986.04 / oz. (30 June 2022: $1,863.02 / oz.).

 

Financial Results

 

The Company continued its production and operation work during the first six months of 2023. Administration expenditure was US$10,227,386 (30 June 2022: US$10,032,340). The largest increase in expenditure is staff salaries. The operating profit for the period under review was US$3,882,000 (30 June 2022: US$4,910,000) and the loss before tax from the period was US$17,166,096 (30 June 2022: US$946,000). The increase in loss before tax is mainly due to increased finance costs with changes in market interest rates. Cash and cash equivalents at the end of the period amounted to US$3,626,620 (30 June 2022: US$11,791,206). As at 30 June 2023, the Group had net liabilities of $32,606,400 (30 June 2022: net liabilities $31,304,559).

 

In January 2023, the Group executed a loan agreement with CNMC Trade Company Limited ("CNMC Trade") for a loan of up to USD $19.50 million (the "CNMC Loan") including an annual interest rate at 0.5% plus 3 month LIBOR which was repayable within 3 months from the date of drawdown. In July 2023, an extension contract was signed with CNMC Trade, and this loan has been extended to 19 April 2024. The CNMC Loan was used to repay the existing China CITIC Bank Corporation Limited ("CITIC") bank facilities of USD $20m.

 

In June 2023, the Company also executed a loan agreement with CNMC Trade for a loan of up to USD $65 million (the "Further CNMC Loan") including an annual interest rate at 0.5% plus 3 month LIBOR, which was due for repayment on 6 September 2023. The Further CNMC Loan was used to repay the existing Bank of Shanghai (Hong Kong) Limited ("BOS") loan facility of USD $65m, which was due for repayment on 9 June 2023.

 

During the first quarter of 2023, the Group repaid US$1.9m of an earlier CNMC Trade loan.

 

After the end of the period under review, on 12 July 2023, an extension contract was signed with CNMC Trade, pursuant to which the repayment date for the loan of US$123.6m was extended to 20 December 2023, the repayment date for the loan of US$20m was extended to 26 November 2023, the repayment date for the loan of US$14.55m was extended to 31 December 2023, and the repayment date for the loan of US$19.50m was extended to 19 April 2024. An extension contract was signed with CNMC International Capitals Company Limited (CNNICC ) to extend the repayment date for the loan of US$60.74m to 8 December 2023. The annual interest rate of the above loans has been changed to SOFR plus 0.936% (it was previously 3.25% over 3 month LIBOR), and this new interest rate has been applied retrospectively from 16 March 2023. CNMIM has also agreed to extend an expired loan of US$12.68m with CNG to 31 May 2024.

 

As at the date of this announcement, the Company had total debt facilities of c.US$316 million, excluding the interest accrued.

 

Outlook

 

The Directors believe the Pakrut project remains on track to achieve the production target of 700,000 tons of ore per annum set at the beginning of this year. The Company continues to seek to improve its production capacity through technological innovation. Whilst improving production, the Company is also focusing on perfecting and improving the smelting process by reducing production costs, increasing recovery rates and improving competitiveness.

 

Whilst the Directors consider that the Company has taken big strides in the production and operation at the Pakrut gold mine and has achieved much, there are still challenges to overcome. It was very disappointing to receive the updated SRK Report (see announcement dated 24 April 2023) which updated the JORC Compliant Resource and reduced the resource at the Company's Pakrut project and the estimated life of mine. This resulted in an impairment charge of $265,952,925 being recorded in the 2022 financial year.

 

Furthermore, after the end of the period under review, the Company received notice that the loan of US$65m with CNMC Trade would not be extended. CNMC Trade has requested that the Company prepare a repayment plan for approval. At today's date CNG has a cash balance of $1,099,307. Therefore, the Company's ability to continue as a going concern is now reliant on the continued forbearance of CNMC Trade. Should the Company and CNMC Trade be unable to agree an acceptably phased repayment schedule and/or the Company be unable to refinance the loan then it is likely that the Company may need to be wound up.

 

The Directors of the Company are working with CNMC Trade to consider their options and further updates will be provided in due course.

 

I would like to take this opportunity to thank all our employees, management and advisers for their continued hard work in 2023. I would also like to extend my thanks to all our stakeholders for their continued backing over the years. I very much look forward to updating our shareholders further on the mine developments, production levels, new strategy and direction.

 

Feng Zhishuo

 

CEO

 

22 September 2023

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

FOR THE SIX MONTHSED 30 JUNE 2023

 
                         Unaudited          Unaudited        Audited 
                                            Six months 
                         Six months ended    ended 30 June   Year ended 31 
                         30 June 2023        2022            December2022 
                   Note  US$'000            US$'000          US$'000 
 
Revenue                  30,172             30,710           68,525 
Cost of sales            (16,081)           (15,469)         (40,085) 
Gross profit             14,091             15,241           28,440 
 
Impairment of 
 Property, plant 
 and equipment           -                  -                (265,953) 
Other Operating 
 income                  -                  8                - 
Administrative 
 and other 
 expenses                (10,227)           (10,032)         (25,109) 
Gain/(Loss) on 
 foreign 
 exchange                21                 (280)            1,075 
Other operating 
 expenses                (2)                (27)             (213) 
 
Operating 
 profit/(loss)           3,882              4,910            (261,760) 
Interest income          1                  -                2 
Finance costs            (11,984)           (5,856)          (15,242) 
 
Loss before Tax          (8,101)            (946)            (277,000) 
Income tax               (4,532)            (3,971)          (10,043) 
Loss for the 
 period 
 attributable to 
 owners                  (12,633)           (4,917)          (287,043) 
of the Company 
Other 
comprehensive 
income                   -                  -                - 
Total 
 comprehensive 
 income for the 
 period 
 attributable to 
 owners of the 
 Company                 (12,633)           (4,917)          (287,043) 
 
Earnings per 
Share 
Basic and diluted 
 (cents)           3     (33.04)            (1.29)           (750.65) 
 

All of the activities of the Group are classified as continuing.

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 

AS AT 30 JUNE 2023

 
                     Unaudited          Unaudited          Audited 
                     30 June            30 June 2022       31 December 2022 
                     2023US$'000        US$'000            US$'000 
Non-Current Assets 
Property, plant 
 and equipment      461,528             359,111            65,074 
Total Non-Current 
 Assets              61,528             359,111            65,074 
 
Current Assets 
Inventories          16,562             18,991             16,709 
Trade and other 
 receivables         5,173              1,484              2,514 
Cash and cash 
 equivalents         3,627              11,791             4,544 
Total Current 
 Assets               25,362             32,266            23,767 
 
Non-Current 
Liabilities 
Other payables       -                  -                  (1,235) 
Borrowings          5-                  (65,000)           - 
Provisions for 
 other liabilities 
 and charges         (2,658)            (1,084)            (2,658) 
Total Non-Current 
 Liabilities         (2,658)            (66,084)           (3,893) 
 
 
Current 
Liabilities 
Borrowings          5(386,959)          (307,739)          (379,368) 
Trade and other 
 payables            (23,337)           (48,859)           (19,011) 
Total Current 
 Liabilities         (410,296)          (356,598)          (398,379) 
Total Liabilities    (412,954)          (422,682)          (374,612) 
Net Liabilities      (326,064)          (31,305)           (313,431) 
 
Capital And 
Reserves 
Share Capital        38                 38                 38 
Share premium        65,901             65,901             65,901 
Other reserves       10,175             10,175             10,175 
Retained earnings    (402,178)          (107,419)          (389,545) 
Total Equity         (326,064)          (31,305)           (313,431) 
 
 

CONSOLIDATED STATEMENT OF CASH FLOWS

 

FOR THE SIX MONTHSED 30 JUNE 2023

 
                      Unaudited            Unaudited             Audited 
                                                                 Year ended 31 
                                           Six months             Dec 2022 
                      Six months ended 30   ended 30 June 2022 
                      June 2023 US$'000     US$'000               US$'000 
Cash flows from 
Operating 
Activities 
Loss before income 
 tax                  (8,101)              (946)                 (277,000) 
Adjustments for: 
Impairment charge     -                    -                     265,953 
Finance income        (1)                  -                     (2) 
Finance cost          11,984               5,856                 15,242 
Depreciation          3,582                6,215                 11,028 
Foreign exchange      (21)                 280                   (1,075) 
Change in working 
capital: 
Inventory             147                  (1,657)               625 
Trade and other 
 receivables          (2,659)              592                   1,689 
Trade and other 
 payables             3,034                1,898                 2,448 
Income tax paid       (4,533)              (3,971)               (10,043) 
Net cash flows from 
 Operating 
 Activities           3,432                8,267                 8,865 
 
Cash flows from 
Investing 
Activities 
Purchase of 
 property, plant and 
 equipment            (29)                 (1,336)               (7,625) 
Interest received     -                    -                     2 
 
Net cash used in 
 Investing 
 Activities           (29)                 (1,336)               (7,623) 
 
Cash flows from 
Financing 
Activities 
Proceeds from 
 borrowings           84,500               54,550                54,550 
Repayment of 
 borrowings           (86,884)             (56,538)              (55,550) 
Interest paid         (1,936)              (624)                 (3,170) 
 
Net Cash (used 
 in)/from Financing 
 Activities           (4,320)              (2,612)               (4,170) 
 
Net 
 (Decrease)/Increase 
 in Cash and Cash     (917)                4,319                 (2,928) 
Equivalents 
Cash and cash 
equivalents at 
beginning of the 
period                 4,544                7,472                 7,472 
Cash and cash 
 equivalents at end 
 of the period        3,627                11,791                4,544 
 
 
 
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 

FOR THE SIX MONTHSED 30 JUNE 2023

 
                               Share    Share    Other    Retained   Total 
                               capital  premium  reserve  earnings   equity 
                               US$'000  US$'000  US$'000  US$'000    US$'000 
 
Balance at 1 January 2022      38       65,901   10,175   (102,502)  (26,388) 
 
Loss and total comprehensive 
 income for the period         -        -        -        (4,917)    (4,917) 
 
Balance at 30 June 2022 
 (unaudited)                   38       65,901   10,175   (107,419)  (31,305) 
 
Loss and total comprehensive 
 income for                    -        -        -        (282,126)  (282,126) 
the period 
Balance at 31 December 2022 
 (audited)                     38       65,901   10,175   (389,545)  (313,431) 
 
 
Balance at 1 January 2023      38       65,901   10,175   (389,545)  (313,431) 
 
Loss and total comprehensive 
 income for the period         -        -        -        (12,633)   (12,633) 
 
Balance at 30 June 
 2023(unaudited)               38       65,901   10,175   (402,178)  (326,064) 
 

NOTES TO THE INTERIM FINANCIAL STATEMENTS

 

FOR THE SIX MONTHSED 30 JUNE 2023

 

1. Accounting Policies

 

i) Basis of preparation

 

China Nonferrous Gold Limited (the "Company") is a company registered in the Cayman Islands. The condensed consolidated interim financial statements of the Company for the six months ended 30 June 2023 comprise the result of the Company and its subsidiaries (together referred to as the "Group") and have been prepared in accordance with the AIM Rules for Companies. As permitted, the Company has chosen not to adopt IAS 34 "Interim Financial Statement" in preparing these interim financial statements.

 

The consolidated interim financial information for the period 1 January 2023 to 30 June 2023 is unaudited and has not been reviewed in accordance with International Standard on Review Engagements 2410 issued by the Auditing Practices Board. In the opinion of the Directors the condensed interim financial information for the period presents fairly the financial position, and results from operations and cash flows for the period in conformity with the generally accepted accounting principles consistently applied.

 

The condensed interim financial information incorporates unaudited comparative figures for the interim period 1 January 2022 to 30 June 2022 and extracts from the audited financial statements for the year to 31 December 2022. A copy of the accounts for that year has been delivered to members. The auditor's report on those financial statements was unqualified. The financial information contained in this interim report does not constitute statutory accounts.

 

The interim report has not been audited or reviewed by the Company's auditor. The key risks and uncertainties and critical accountancy estimates remain unchanged from 31 December 2022 and the accounting policies adopted are consistent with those used in the preparation of its financial statements for the year ended 31 December 2022.

 

ii) Cyclicality

 

The interim results for the six months ended 30 June 2023 are not necessarily indicative of the results to be expected for the financial year 2023. The operations of China Nonferrous Gold Limited may be subject to seasonal variations depending on the severity of snowfall levels at the mine site. The superposition of external unstable factors will affect the increasing operating pressure in the second half of the year. All units and departments of the company must have a clear understanding, take effective measures, make efforts from the aspects of safety and environmental protection, production organization, cost reduction and efficiency improvement, and strive to improve the basic management level to ensure the smooth operation of the safety and environmental protection situation and the smooth completion of the annual production and operation tasks.

 

NOTES TO THE INTERIM FINANCIAL STATEMENTS

 

FOR THE SIX MONTHSED 30 JUNE 2023

 

2. Going Concern

 

The Interim Financial Statements have been prepared assuming the Company will continue as a going concern. Under the going concern assumption, an entity is ordinarily viewed as continuing in business for the foreseeable future with neither the intention nor the necessity of liquidation, ceasing trading or seeking protection from creditors pursuant to laws and regulations. But the loan of US$65m that CNMC Trade provided CNG on 6 June 2023 will not be extended. The Company's is reliant on the continued forbearance of CNMC Trade. If the Company and CNMC Trade are unable to agree an acceptably phased repayment schedule and/or the Company are unable to refinance the loan then it is likely that the Company may need to be wound up.

 

In assessing whether the going concern assumption is appropriate, the Directors take into account all available information for the foreseeable future. In making their assessment, the Directors also have considered the level of production and operations at the mine site, in conjunction with the updated resource and reserve estimates as per the revised Independent Technical Report produced by SRK Consulting (see the announcement on the website of CNG), and how the Group will be able to use the cash inflows from these operations to support its working capital position and repay loans when they fall due. As the shareholder loan extensions are provided on an annual basis for a one-year period, the company applies to its creditors CNMC Trade Company Ltd CNMICC and CNMIM), each year in advance of the loan repayment date falling due, following the application process that has been in place for a number of years. As at the current date, the company has the following loans payable:

 
              Amount          Amount (interest 
              (principal) at  accrued) at the 
              the date of     date of this                        Repayment 
Lender        this report     report              Total           date 
CNMC Trade 
 Company 
 Ltd          123,600,000.00  39,707,401.87       282,357,401.87  20/12/2023 
CNMC Trade 
Company Ltd   20,000,000.00                                       26/11/2023 
CNMC Trade 
Company Ltd   14,550,000.00                                       31/12/2023 
CNMC Trade 
Company Ltd   19,500,000.00                                       19/04/2024 
CNMC Trade 
Company Ltd   65,000,000.00                                       06/09/2023 
CNMICC        60,744,168.83   21,260,359.47       82,004,528.30   08/12/2023 
CNMIM         12,683,598.78   10,075,085.73       22,758,684.51   31/05/2024 
Total 
 shareholder 
 loans 
 repayable 
 in year to 
 30 June 
 2024         316,077,767.61  71,042,847.07       387,120,614.67 
 

CNMC Trade Company Limited ("CNMC Trade") have confirmed on the maturity date on 6 September 2023 that the loan of US$65m provided to CNG on 6 June 2023 ("First Loan"), which is now overdue, will not be extended. The Company's ability to continue as a going concern is reliant on the continued forbearance of CNMC Trade. Should the Company and CNMC Trade be unable to agree an acceptably phased repayment schedule and/or the Company be unable to refinance the loan then it is likely that the Company may need to be wound up.

 

NOTES TO THE INTERIM FINANCIAL STATEMENTS

 

FOR THE SIX MONTHS ENDED 30 JUNE 2023

 

3. Earnings per Share

 
                                       June 2023  June 2022    December 2022 
 
Basic and diluted earnings per share   (33.04) 
(cents)                                            (1.29) 
                                                                (757.60) 
 
 

The basic earnings per share is calculated by dividing the loss attributable to equity holders after tax of US$12,633,443 (30 June 2022: US$4,917,101) by the weighted average number of shares in issue and carrying the right to receive dividend. For all the periods disclosed up to 2023, the total number of shares remains unchanged being 382,392,292 shares.

 

NOTES TO THE INTERIM FINANCIAL STATEMENTS

 

FOR THE SIX MONTHS ENDED 30 JUNE 2023

 

4. Property, Plant and Equipment

 
                       Office 
                       furniture 
                       and        Motor      Plant and   Producing   Assets under 
               Land    equipment  vehicles   machinery   Mines       construction  Total 
               US$000  US$000     US$000     US$000      US$000      US$000         US$000 
Cost 
 
At 1 January 
 2022          33      602        5,423      21,443      382,732     -             410,233 
Additions      -       36         92         1,475       -           6,022         7,625 
Transfer from 
 Assets under 
 Construction  -       -          -          -           812         (812)         - 
Settlement of 
 historical 
 liabilities           -          -          -           (29,904)    -             (29,904) 
Impairment     -       -          -          -           (265,953)   -             (265,953) 
At 31 
 December 
 2022          32      638        5,515      22,918      87,687      5,210         122,000 
 
Additions      -       8          -          1           -           27            36 
At 30 June 
 2023          32      646        5,515      22,919      87,687      5,237         122,036 
 
 
 
 
 
 Accumulated Depreciation 
At 1 January 2022           -   264  4,847  14,888  25,899  -      45,898 
Charge for the period       -   35   157    2,341   8,496   -      11,028 
 
At 31 December 2022         -   299  5,005  17,228  34,395  -      59,926 
Charge for the period           17   74     1,051   2,440   -      3,582 
At 30 June 2023             -   316  5,079  18,279  36,835  -      60,508 
 
Net Book Value 
At 30 June 2023             32  330  436    4,641   50,852  5,237  61,528 
At 31 December 2022         32  339  510    5,690   53,292  5,210  65,074 
 

Depreciation for producing mines is calculated based on the unit of production method amounting to $3,582,000 of depreciation charge for the 6 month period.

 

NOTES TO THE INTERIM FINANCIAL STATEMENTS

 

FOR THE SIX MONTHS ENDED 30 JUNE 2023

 

5. Borrowings

 
                      June 2023  June 2022  December 2022 
                      US$000     US$000     US$000 
 
Bank borrowings       -          85,000     85,000 
Other loans           386,959    287,740    294,368 
 
Total                 386,959    372,740    379,368 
 
Non-current portion   -          65,000     - 
 
Current portion       386,959    307,740    379,368 
 

The fair value of borrowings equals their carrying amounts, as the impact of discounting is not significant.

 

In January 2023, the Group executed a loan agreement with CNMC Trade Company Limited ("CNMC Trade") for a loan of up to USD $19.50 million (the "CNMC Loan") including an annual interest rate at 0.5% plus 3 month LIBOR and no extra fees payable to CNMC Trade for this arrangement, which is repayable within 3 months from the date of drawdown. In July 2023, an extension contract was signed with CNMC Trade, and this loan has been extended to 19 April 2024. This CNMC Loan has been used to repay the existing China CITIC Bank Corporation Limited ("CITIC") bank facilities of USD $20m.

 

In June 2023, the Company also executed a loan agreement with CNMC Trade for a loan of up to USD $65 million (the "Further CNMC Loan") including an annual interest rate at 0.5% plus 3 month LIBOR, which was due for repayment on 6 September 2023. The Further CNMC Loan was used to repay the existing Bank of Shanghai (Hong Kong) Limited ("BOS") loan facility of USD $65m, which was due for repayment on 9 June 2023. As announced on September 7th, the $65m loan will not be extended. CNMC Trade has requested that CNG prepare a repayment plan for approval. CNMC Trade have also given notice that it is reserving all rights to pursue legal action to recover the sums due under the First Loan, although it advises that it will give at least 7 days 'notice of any intention to do so.

 

During the first quarter of 2023, the Group repaid US$1.9m of an earlier CNMC Trade loan.

 

After the end of the period under review, on 12 July 2023, an extension contract was signed with CNMC Trade, pursuant to which the repayment date for the loan of US$123.6m was extended to 20 December 2023, the repayment date for the loan of US$20m was extended to 26 November 2023, the repayment date for the loan of US$14.55m was extended to 31 December 2023, and the repayment date for the loan of US$19.50m was extended to 19 April 2024. An extension contract was signed with CNMC International Capitals Company Limited (CNNICC ) to extend the repayment date for the loan of US$60.74m to 8 December 2023. The annual interest rate of the above loans has been changed to SOFR plus 0.936% (it was previously 3.25% over 3 month LIBOR), and this new interest rate has been applied retrospectively from 16 March 2023. CNMIM has also agreed to extend an expired loan of US$12.68m with CNG to 31 May 2024.

 

All loans are provided by related parties. The loans were renewed in July (Please refer to the financial results).

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230922568536/en/

 
    CONTACT: 

China Nonferrous Gold Limited

 
    SOURCE: China Nonferrous Gold Limited 
Copyright Business Wire 2023 
 

(END) Dow Jones Newswires

September 22, 2023 07:18 ET (11:18 GMT)

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