Nordgold Q1 Profit Surges 68%

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Net income of gold producer Nordgold (LSE:NORD) surged 68 percent,  boosted by higher production despite lower realised gold prices as well as strict cost control, the mining firm said today.

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In a statement, Nordgold said its net income rose from US$14.6 million a year ago to US$24.6 million in what its Chief Executive Officer, Nikolai Zelenski, referred to as a “robust financial performance” for the first quarter.

Nordgold said it produced over 211,000 ounces of gold for the quarter, 15 percent higher than last year’s, to help offset the 20 percent decrease in the average realised price per ounce of gold for the reported period from US$ 1,615.00 per ounce to only US$1,299.00 an ounce.

Total cost per ounce of gold produced decreased by 25 percent from US$956.00 to only US$719.00 per ounce, while all-in sustaining costs was reduced by 27 percent to US$881 per ounce.

“The results show the significant progress we have made in managing our cost base carefully, improving efficiency across our mine sites – a great testament to the quality of our staff, “ Mr. Zelenski said.

Despite that, Zelenski said the company it will be complacent. He said the company anticipates higher all-in cost.

“Looking ahead, we will remain highly vigilant on costs and seeking to find further operational efficiencies across our portfolio, while carefully seeking to develop our growth projects.”

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