In January-June Vysochaishy (GV Gold) mined 2.2 tons (71 thousand ounces) of gold, down by 15% YoY.
“The drop in output has to do with the scheduled decrease of ore mining (by 13%) and processing of lower gold-containing ore (by 16%)”, the company explains.
Gold sales in H1 totaled $84.1 million, down by 14% YoY. Average gold price increased to $1239 per ounce.
Vysochaishy confirms its extraction target increase for 2017 by 30%, to 6.5-6.7 tons (209-215 thousand ounces).
Vysochaishy is in the Top-10 Russian gold miners. Its JORC resources are estimated at 338 tons (10.9 million ounces) of gold.
Last year the company mined 5.1 tons (163.84 thousand ounces) of gold, down by 9.7% YoY, with its earnings up by 6.7%, to 13.6 billion rubles ($203.59 million). (Ukrainian metal)
