Nordgold Announces 2019 Operating and Financial Results
London, United Kingdom, 16 March 2020 - Nord Gold SE ("Nordgold" or the "Company"), the internationally diversified gold producer, announces its financial and operating results for the twelve months ended 31 December 2019.
“2019 was a milestone year for Nordgold, as we produced over a million ounces for the first time in our history. This achievement is great testament to the strength of the team and the quality of our assets. It highlights how the significant investment in our asset base over the past two years and considerable work in bringing the Gross project to fruition, are now delivering improved performance. The Gross mine, which we spent several years de-risking while identifying an optimal pathway to development, has exceeded all our expectations. Gross is the third mine we have successfully conceived, developed and built in our young history, after the Bissa and Bouly mines in Burkina Faso. With Gross’s launch, Nordgold is now firmly positioned as an industry leader in effective gold mine development. We look forward to 2020 with confidence.”Nikolai Zelenski, Chief Executive Officer, Nordgold
- Lost Time Injury Frequency Rate (LTIFR) increased in 2019 to 1.67. We regret to report three Nordgold employee fatalities and two contractor fatalities in 2019.
- Refined gold production increased by 15% year-on-year (“YoY”) to a record 1,041.1 thousand ounces (“koz”) mainly driven by the excellent performance of the new Gross mine.
- The new Gross mine produced 259.2 koz exceeding its 2019 gold production outlook of 230-235 koz.
- Adjusted EBITDA increased by 42% YoY to a record US$667.3 million in 2019 mainly driven by higher production and a more favourable gold price environment.
- Free cash flow increased to US$167.0 million in 2019 from negative free cash flow of US$162.4 million in 2018 mainly due to lower capital expenditures and higher operating cash flow with the Gross mine being the main contributor.
- All-in sustaining costs ("AISC") decreased by 2% YoY to US$1,023/oz, mainly driven by the increased gold production from the new low-cost Gross mine.
- In October 2019, Nordgold raised US$400 million in the international capital markets in a 5-year Eurobond issue. The proceeds of the Notes were used for partial repayment of indebtedness and for general corporate purposes.
| Olga Ulyeva
Head of Media Relations
|Peter Ogden||Tel: +44 (0) 20 7250 1446|