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China Lingbao Gold's 2016 bullion output down 11% on year at 547,591 oz

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China Lingbao Gold's 2016 bullion output down 11% on year at 547,591 oz

Hong Kong — Chinese integrated gold producer Lingbao Gold Company produced 17,032 kg(547,591 oz) of gold bullion from its smelting plant in central Henan provincein 2016, down 10.8% year on year. In its 2016 annual results filed to the Stock Exchange of Hong Kong lastFriday, Lingbao said the smelting complex also produced 12,666 mt of copperproducts last year, down 5.5% year on year.

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Its silver output rise 13.2% year on year to 40,824 kg in 2016 andsulfuric acid fell 11.2% to 172,204 mt.

The group's gold mines in Henan, China's northwestern Xinjiang andnorthern Inner Mongolia autonomous regions as well as in Kyrgyzstan produced atotal 1,273 kg of compound gold in 2016, up 4.7% year on year, and 1,684 kg ofgold in concentrate, down 4.7%. Longbao's mining output is mostly supplied toits smelters.

The group's processing capacity of gold concentrates averaged 953 mt/dayin 2016, down 13% year on year. The gold recovery was steady at 96.3% over thesame periods, the silver recovery rate marginally higher at 71.3%, and copperrecovery rate down 4.7 percentage points at 91.6%.

Lingbao posted a net loss of Yuan 92.37 million ($13.4 million) for 2016,narrowing from a net loss of Yuan 502.6 million the year before, which thegroup attributed to the increase in average selling prices of gold, copper andother products. It noted the 2016 average selling price for gold bullionjumped 12.6% year on year and for copper foils rose 2.2%.

The group said it targets expanding mining operations to minimize the"risks" of purchasing raw materials from third parties, as raw materialsaccount for more than 79% of its production costs.

The producer did not provide production guidance for 2017.

--Winnie Lee,

--Edited by Wendy Wells,