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Financials

Gold production ('000 ounces)

• Gold produced increased by 55.1 Koz to 589.1 Koz in 2010. This resulted from our acquisition of Crew Gold, which added 73.3 Koz to production, partially offset by lower production from our existing mines. While Neryungri, Aprelkovo and Taparko all increased production, our other mines saw production fall, largely as a result of lower head grades.
• The increase in gold production in 2009 was largely the result of acquisitions.

Revenue (US$m)

• In 2010, we increased revenue by US$236.6m to US$754.2m. This was partly a result of an increase in the volume of gold we sold, rising gold prices and the timing of our sales. We also benefited from our acquisition of Crew Gold. Excluding Crew Gold, our revenue rose by US$138m.
• The revenue increase in 2009 was largely the result of acquisitions.
• Excluding acquisitions, growth in 2009 was US$19.7m or 11.5%, as a result of higher gold prices.

Total cash cost per ounce produced (US$/oz)

• Total cash costs per ounce produced increased by US$79.2 to US$556.6/oz in 2010. This was due to the acquisition of Crew Gold, where cash costs per ounce are higher than for our other mines, and to lower head grades at the Suzdal, Irokinda, Zun-Holba and Taparko mines.
• The acquisition of High River Gold at the end of 2008 contributed to a reduction in cash cost per ounce in 2009, due to its efficiency levels.

Normalised EBITDA (US$m)

• Normalised EBITDA increased by US$130.6m to US$366.9m. This represented an EBITDA margin of 48.7%, compared with 45.7% in 2009. The increased margin resulted from higher gold prices, increased production and our cost-reduction intiatives.
• The EBITDA margin in 2009 was 45.7%, compared with 36.5% in 2008.

Cash flow from operations (US$m)

• Our cash flows from operations increased by US$51.9m to US$290.9m in 2010. This was principally the result of higher sales at Neryungri, Aprelkovo, Buryatzoloto and Taparko, the addition of Crew Gold, and improved working capital management.
• The increase in cash flow from operations between 2008 and 2009 reflects acquisitions, higher gold prices and improved working capital management.

Capital expenditure, exploration and evaluation (US$m)

• We increased capital expenditure by US$71.0m to US$170.8m in 2010. This reflected a 96.8% increase in exploration and evaluation investment, a 103.0% increase in spending on safety, facilities balancing and equipment replacement and a 25.6% rise in expansionary capital expenditure.
• Exploration and evaluation expenditure was steady between 2008 and  2009.