GV Gold boosts gold output 37% to 224,500 oz in 2017

MOSCOW, Feb 5 (PRIME) -- Gold output of GV Gold rose 37% on the year 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 Monday.

The capacity of company’s processing facilities increased to 8 million tonnes of ore.

Gold sales rose 34% to 218,000 ounces with the average sales price of U.S. $1,265 per ounce, up 2% on the year. Revenues from gold sales grew 33% to $271 million, according to unaudited data.

GV Gold’s net debt increased to $176 million as of December 31 against $99 million as of the end of 2016.

In 2018, the company plans to produce 280,000-300,000 ounces of gold.

End