Russia: Nordgold commissions new mine in Yakutia

Nordgold has put into operation a new mine – Gross – in Yakutia.

Investments in the mine are estimated at $250 million.

When the mine reaches its design capacity it will be extracting some 12 million tons of ore and producing 200 thousand ounces of gold per year for 17 years. (Ukrainian metal)

Russia: Nordgold net profit down in H1 2017

In January-June Nordgold received 3.96 billion rubles ($67.7 million) of net profits according to international standards, down by 28% YoY. Earnings increased by 16%, to 35.38 billion rubles ($604.9 million), EBITDA – by 12%, to $266.5 million (15.59 billion rubles). Capex dropped by 9% YoY, to 8.53 billion rubles ($145.9 million). In Q2 the company…

Russia: Nordgold gets $75-million loan from UniCredit

Nordgold has concluded an agreement with UniCredit Bank on the $75-million loan. “The company is successfully implementing its long-term strategic and operational goals, and the loan agreement with the UniCredit Group bank demonstrates our financial stability and opulence. We are glad of the cooperation with the bank and look forward to mutually beneficial work”, Nordgold…

Russia: Fitch upgrades Nordgold’s rating outlook to Positive from Stable

Global rating agency Fitch has revised the outlook for the ratings of gold mining company Nordgold, controlled by Russian businessman Alexei Mordashov, to Positive from Stable, the agency said in a release. The company’s long-term issuer’s default rating has been affirmed at “BB-“. “The affirmation of the company’s ratings reflects operational and financial results in…