The company operates a 10 sq km gold field in the Malaysian state of Kelantan

 

[SINGAPORE] Shares of CNMC Goldmine : 5TP +8.24% spiked more than 7 per cent on Wednesday (Apr 16) morning, as spot gold climbed to a record high.

 

As at 9.45 am, the counter was trading at S$0.455, up S$0.03 or 7.1 per cent, with about 3.9 million shares changing hands.

 

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

 

Gold prices have been rising as global investors turn to safe-haven assets amid economic uncertainty, as US President Donald Trump&rsquo 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.

 

Singapore-listed CNMC operates a gold field spanning some 10 square kilometres 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. Last Friday, the company 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 a day.

 

CNMC said earlier that the increased capacity will 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.