Gold output of GV Gold rose by 37% YoY, to 224,500 ounces in 2017, or 5% above the plan due to the launch of the Drazhnoye and Ugakhan deposits and a new dredging unit at the Bolshoi Kuranakh mine, the company said in a statement on February 5.
The capacity of company’s processing facilities increased to 8 million tons of ore.
Gold sales rose by 34%, to 218,000 ounces with the average sales price of $1,265 per ounce, up by 2% YoY. Revenues from gold sales grew by 33%, to $271 million, according to unaudited data.
GV Gold’s net debt increased to $176 million as of December 31, 2017 against $99 million as of the end of 2016.
In 2018 the company plans to produce 280,000-300,000 ounces of gold. (Prime/Ukrainian metal)