Nordgold raises gold output by 4% to 225,900 ounces in Jan–Mar

MOSCOW, May 22 (PRIME) -- Gold producer Nordgold, controlled by Russian tycoon Alexei Mordashov, raised its gold production by 4% on the year to 225,900 ounces in January–March thanks to higher ore processing at the Taborny, Gross, and Suzdal mines, and higher recovery rates at the Gross, Suzdal and Taparko mines, the company said in a statement.

Gold output fell by 17% on the quarter “mainly due to the normal impact of the winter season on heap leach operations in Russia, lower processed volumes and grade at Bissa-Bouly and Lefa, as well as lower recovery at Suzdal,” Nordgold said.

The average sale price of gold in the reporting period grew by 22% on the year and by 8% on the quarter to U.S. $1,593 per ounce.

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