Shares of CHINAGOLDINTL (02099) soared 17.20% on Friday, outperforming the broader market, as the mining company reported impressive third-quarter financial results and announced a leadership change.
The rally came after CHINAGOLDINTL posted a net profit of $27.9 million for the third quarter, a significant turnaround from the net loss of $30.8 million in the same period last year. Revenue surged 309% year-over-year to $254.6 million, driven by a 51% increase in gold production to 50,160 ounces.
Additionally, the company appointed Chenguang Hou as its new Chairman and Chief Executive Officer, effective Friday. Hou has extensive experience in management roles within the mining industry, which could bode well for the company's future operations and strategic direction.
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