Nordgold posts stable production in the year-to-date
Global miner Nordgold produced 764 500 oz of gold in the nine months ended September 30, which was largely on par with the 772 200 oz produced in the nine months to September 30, 2020.
The company explains that planned lower production at the Gross, Taparko and Suzdal mines was offset by strong performances at the Bissa-Bouly, Taborny and Irokinda mines.
Nordgold has mining operations in Russia, Kazakhstan, Burkina Faso, Guinea and Canada.
The gold price remained relatively resilient, albeit still volatile and below the highs seen in the middle of this year. The average realised gold price increased by $45/oz year-on-year to $1 791/oz.
The Gross mine expansion project, in Russia, continues to progress on time and within budget, Nordgold says. The company completed the first phase of the project in September, increasing the mining and processing capacity of the mine to 18-million tonnes of ore a year, up from 16-million tonnes a year.
Phase 2 of the expansion project will raise processing capacity to 26-million tonnes of ore a year and should be complete in 2024.
The company maintains its intention to pay a minimum dividend of $400-million in two equal instalments on the back of the group’s interim and full-year financial results.
CEO Nikolai Zelenski says the company’s operations were supported by a strong gold price in the reporting period, while gold production was in line with expectations.
He adds that Nordgold remains committed to a disciplined capital allocation strategy, near zero leverage and industry-leading free cash flow generation.
“This enables us to deliver outstanding shareholder returns, while also investing in the longer-term development of the group, driving production growth and reducing our overall cost profile.
“The combination of a strong asset portfolio, high potential low-cost development projects and a continued focus on operational improvement will enable us to maintain our performance despite inflationary pressures.”
Zelenski concludes that this gives confidence in Nordgold’s future and its ability to continue to develop the business throughout the cycle.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation