(Kitco News) – Nordgold released its H1 today.
Refined gold production increased by 8% year-on-year to 507,300 ounces.
The average realised gold price tracked market dynamics and increased by 27% YoY in H1 2020 driving revenue up by US$179.2 million. Higher production contributed additional US$43.5 million to revenue growth in H1 2020.
All-in sustaining costs decreased by 4% YoY to US$1,028/oz, mainly due to higher gold production from the efficient Gross mine, as well as lower costs at the Taparko, Lefa, Buryatzoloto and Suzdal mines.
Adjusted EBITDA increased by 67% YoY to US$433.2 million in H1 2020 driven by a more favorable gold price environment, as well as higher production and lower costs.
Net profit increased by 3.6 times YoY to US$218.2 million mainly due to higher revenue and lower impairment loss in H1 2020.
Free cash flow increased to US$177.5 million in H1 2020 from US$6.4 million in H1 2019 mainly due to lower capital expenditures and higher operating cash flow with the Gross mine being the main contributor.
Nordgold has mines and development projects, as well as investment projects in six countries: Burkina Faso, Guinea, Russia, Kazakhstan, French Guiana and Canada.