JOHANNESBURG (miningweekly.com) – Russian gold miner Nordgold reported an 11% quarter-on-quarter increase in earnings before interest, taxes, depreciation and amortisation (Ebitda) to $131.8-million in the third quarter ended September 30.
Net profit was up 4% quarter-on-quarter, while all-in sustaining costs were $955/oz in the third quarter.
"We have delivered a robust financial performance in the quarter with Ebitda up sharply both on the same quarter last year and on the previous quarter this year, boosted by a higher gold price, but also a more resilient quarter's production,” CEO Nikolai Zelenski said in a statement on Monday.
He added that the more positive gold price environment, combined with the considerable progress the company had made with its development pipeline, including the launch the Bouly mine, in Burkina Faso, gave Nordgold confidence in a strong performance for 2017.
Production guidance for this year has been reduced to between 840 000 gold-equivalent ounces (GOE) and 880 000 GEO from the previously anticipated 880 000 GEO to 930 000 GEO, owing to the discontinuation of production at the Aprelkovo operation, in Russia, and limited access in the fourth quarter of the year to flooded higher grade ore blocks in Africa after an unusually long wet season.
Edited by: Chanel de Bruyn
Creamer Media Senior Deputy Editor Online
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