CNMC Goldmine shares spike 7% as gold hits record high

[SINGAPORE] Shares of CNMC Goldmine spiked over 7 per cent on Wednesday (Apr 16) morning, as spot gold climbed to a record high.

At 9.45am, the counter traded at S$0.455, up S$0.03 or 7.1 per cent, with about 3.93 million shares trading hands.

On Wednesday, spot gold prices touched a record high of above US$3,275 per ounce, according to Bloomberg data.

Gold prices have jumped to new highs as global investors turn to safe haven assets amid economic uncertainty, as Trump’s tariff plans wreak havoc on equities markets worldwide. The precious metal, traditionally favoured during volatility and low interest rate environments, has already hit multiple record highs this year.

The Singapore-listed CNMC Goldmine operates a gold field spanning some 10 sq km in the Malaysian state of Kelantan.

Over the past two years, CNMC has reported a steep rise in revenue and earnings, fuelled by capacity expansion and firm metals prices. On Apr 11, the company had announced a RM9 million (S$2.7 million) expansion programme at its carbon-in-leach (CIL) facility. This added 300 tonnes per day of ore processing capacity to the CIL facility, which previously had a capacity of 500 tonnes per day.

CNMC said earlier that the increased capacity will also provide it with greater operational flexibility, as the new 300-tonne-per-day processing line can continue running while the older 500-tonne-per-day line undergoes periodic maintenance and repairs, and vice versa.

The enlarged CIL facility is expected to support an increased extraction of higher-grade gold ores once the company completes a new underground mine later this year.