R/€ = 19.50 Change: -0.02
R/$ = 17.55 Change: -0.02
Au 1729.33 $/oz Change: 8.24
Pt 838.25 $/oz Change: 6.31
 
 
R/€ = 19.50 Change: -0.02
R/$ = 17.55 Change: -0.02
Au 1729.33 $/oz Change: 8.24
Pt 838.25 $/oz Change: 6.31
 
 
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Nordgold's first-quarter output up 4% y/y

22nd May 2020 BY: Tasneem Bulbulia
Creamer Media Reporter

Gold producer Nordgold’s production for the first quarter ended March 31 increased by 4% year-on-year to 225 900 oz, mainly driven by higher volumes of ore processed at Taborny and Gross mines, in Russia, and the Suzdal mine in Kazakhstan, as well as higher recovery rates at Gross, Suzdal and the Taparko mine, in Burkina Faso.

Production, however, decreased quarter-on-quarter, mainly as a result of the normal impact of the winter season on heap leach operations in Russia, lower processed volumes and grades at the Bissa-Bouly mine, in Burkina Faso, and at the Lefa mine, in Guinea, as well as lower recovery at Suzdal.

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Extensive measures were implemented across Nordgold’s global operations to support employees and local communities during the Covid-19 outbreak.

All Nordgold mines were operational during the period, except the Bissa plant, where processing was suspended for three days in March to introduce Covid-19 precautionary measures.

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In March, Nordgold acquired a 19.9% stake in ASX-listed Cardinal Resources, owner of the Namdini gold project, in Ghana, which was followed by the submission of a nonbinding preliminary proposal to acquire the balance of the company.

In May, Nordgold entered into a binding term sheet with Australia-based explorer Mako Gold to acquire its Niou gold project, located 50 km southwest of the Bissa mine. 

EDITED BY: Chanel de Bruyn Creamer Media Senior Deputy Editor Online
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