Gold mining company Nordgold, controlled by Russian businessman Alexei Mordashov, has cut its 2016 gold output forecast to 840,000-880,000 ounces from 880,000-930,000 ounces due to suspension of production at the Aprelkovo mine and difficulties with access to African deposits because of an extraordinarily long rain season, the company said in a statement.
But the forecast for all-in sustaining costs was improved to $900-950 per ounce from $800-850 “due to a lower production guidance for 2016 and temporarily higher capitalized stripping activities at West African and Berezitovy mines in Russia to facilitate pits cutbacks for ore supply in 2017”, the company said. (Prime/Ukrainian metal)