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Neryungri increased gold production by 21% to 896 kg

The Neryungri gold mining enterprise (Republic of Sakha (Yakutia), Russia), which is part of the international company Nordgold, at the end of the first half of 2014, due to increased production efficiency, increased production and strict cost control, achieved a reduction in the cost of gold production, taking into account capital investments in 36%, to $ 918 an ounce against $ 1424 in the first half of 2013, the company's press service said.

“The market is still in a difficult situation, the price of gold fell by 12% in the first half of the year. Low precious metal prices continue to be the biggest challenge for the business, and the cost savings we have achieved reflect significant progress in cost optimization and productivity gains. At the same time, the staff of the mine does not intend to stop there. We are confidently moving towards achieving the production targets set for this year. At the same time, we continue to develop one of the most promising projects for both Nordgold and Yakutia - the pilot stage of the development of the new Gross field, which began in February 2014, "said Pavel Vorsin, Neryungri executive director.

The total cash costs of the mine in the first half of 2014 were reduced by 34% to $ 794 per ounce against the background of increased ore mining and gold production. The completion of the stripping work in the Neryungri open-cast mine and the continuation of the pilot industrial stage of the Gross project with a low stripping ratio led to a significant reduction in the overall stripping factor of the mine and had a positive effect on its costs. Nordgold's business system programs, such as daily inventory of mining equipment, reducing reagent consumption and staffing optimization, also contributed to lower overall cash costs.

Despite the decline in gold prices, Neryungri's revenue in the first half of 2014 increased by 5% to $ 37,1 million compared to $ 35,2 million in the same period of 2013. Revenue growth was achieved due to an increase in gold production and sales.

In January-June 2014, Neryungri increased gold production by 21% to 28,8 thousand ounces of gold (896 kg). In the first half of the year, the total production of the enterprise amounted to 7,6 mln. Tons, including 6,2 mln. Tons of waste rock and 1,4 mln. Tons of ore. Of these, 2,6 million tonnes were mined at the Gross deposit, including 1,6 million tonnes of waste rock and 1,0 million tonnes of ore.

The company is moving towards meeting the goals set at the beginning of the pilot industrial stage of the Gross project, which consists in extracting 1,8 million tons of ore from the Gross deposit and processing it at Neryungri by the end of 2014.

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