Nordgold production to pick up in H2 as Gross mine comes on stream
Gold producer Nordgold expects to pour first gold at its Gross mine, in Russia, before the end of September, which will have a positive impact on the company’s production for the second half of this year, enabling it to comfortably reach its million-ounce target.
Gross is expected to mine and process about 12-million tonnes of ore a year, producing more than 200 000 oz/y of gold for 17 years.
Meanwhile, Nordgold delivered a robust performance in the first half of the year, with 448 000 gold-equivalent ounces produced, despite waste stripping at the Berezitovy mine, in Russia, and lower grades at the Bissa-Bouly and Taparko mines, in Burkina Faso.
During the first six months of the year, Nordgold achieved a substantial improvement in ore mining efficiency owing to higher ore mining volumes at some of its openpit mines (Neryungri, Lefa, Taparko and Bissa-Bouly). This resulted in the stripping ratio decreasing by 15% year-on-year amid a 35% year-on-year increase in ore mining.
All-in sustaining costs (AISC) were up 17% to $1 009/oz, owing to higher capitalised stripping at the West African mines, as well as at the Berezitovy mine to facilitate pit cutbacks for future ore supply.
The full-year AISC guidance range has been increased to between $975/oz and $1 025/oz, from the previously expected $900/oz to $950/oz.
Nordgold reported earnings before interest, taxes, depreciation and amortisation of $246-million, which was down 8% year-on-year, owing to lower revenue and higher costs.
Revenue decreased by 3% year-on-year to $589-million.
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