Nordgold Announces Q3 and 9m 2019 Operating Results

London, United Kingdom, 13 November 2019 - Nord Gold SE (“Nordgold” or the “Company”), the internationally diversified gold producer, announces unaudited operating results for the third quarter and nine months ended 30 September 2019.

“The outstanding performance of our new Gross mine, which has exceeded our expectations, is likely to see us beat our initial production plan for the year and I expect Nordgold to be well positioned for a strong performance in 2020.
“Further, on 9 October 2019 we successfully raised a 5-year US$400 million 4.125% Guaranteed Notes due 2024. The new Eurobond issue strengthens our balance sheet and debt maturity profile, while also freeing up cash flows to support our activities, including our growth projects. I would like to thank investors for their continued support. ”

Nikolai Zelenski, Chief Executive Officer, Nordgold

Q3 and 9m 2019 Highlights

  • Lost Time Injury Frequency Rate (LTIFR) increased to 1.54 from 1.05.
  • Refined gold production increased by 12% year-on-year (“YoY”) to 759.6 koz mainly driven by the excellent performance of the new Gross mine.
  • All-in sustaining costs ("AISC") decreased by 3% YoY to US$1,021/oz mainly driven by the increased gold production from the new low-cost Gross mine.
  • 2019 gold production outlook for Gross has been revised to 230-235 koz compared to 190 koz according to the initial plan. This follows the expansion of the mining and processing operations to 14 million tonnes per year, from 12 million tonnes, along with the mine’s quicker than expected ramp up and better than planned recoveries.
  • In Q3 2019, Nordgold increased gold production by 12% QoQ and 27% YoY to 288.9 koz.
  • The QoQ gold production increase was mainly driven by higher volumes of ore processed at Taborny, Gross and Lefa mines, as well as higher recovery rates at Suzdal.
  • Refined gold production in the 9m 2019 increased by 12% YoY to 759.6 koz driven by the excellent performance of the new Gross mine and increased production at Berezitovy mine. The Gross output more than offset gold production decreases at Taparko, Bouly, Lefa, Taborny, Buryatzoloto and Suzdal mines.
  • Trial underground mining operations were launched at Berezitovy in addition to continuing production from the open pit.
  • Nordgold
    Olga Ulyeva
    Head of Media Relations
    olga.ulyeva@nordgold.com

    Powerscourt
    Peter Ogden Tel: +44 (0) 20 7250 1446
Press release
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