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11 Oct 2012 07:32
Nord Gold N.V. reports operating results for the third quarter and nine months ended September 30, 2012
Amsterdam, Netherlands, October 11, 2012 - Nord Gold N.V, ("Nordgold" or the "Company", LSE: NORD), an independent, internationally diversified, pure-play gold producer strategically focused on emerging markets, announces its operating results for the third quarter and nine months ended September 30, 2012.
Highlights
·; Lost time injury frequency rates (LTIFR) for Q3 2012 fell by 21% to 1.96 from 2.48 in Q3 2011.
·; Q3 gold production of 194.0 thousand gold equivalent ounces ("koz"), 17% increase compared to Q2 2012 (165.3 koz) and 9% ahead of Q3 2011 (178.4 koz).
·; Gold production in Q3 2012 increased at Lefa, Suzdal, Berezitovy and Aprelkovo over Q3 2011, while production fell at Taparko, Buryatzoloto and Neryungri over the same period.
·; Our Suzdal mine has delivered a particularly strong performance due to a return of gold recoveries to the historic high of 69%, while our Berezitovy mine has continued to perform at record levels. Our Taparko mine has achieved an improvement in gold recoveries after the launch of a regrind mill in early Q3 2012. However, at 83% recoveries are still below target levels, and operating settings at the plant are being further optimized. Buryatzoloto production decreased by 26% relative to Q3 2011 due to a reduction in head grade.
·; Revenues for Q3 2012 were US$322.5 million, are up US$69.1 million from Q3 2011 (US$253.4). The increase in revenues was mainly due to a growth in gold sales (29% higher), which was partially offset by lower realised gold prices of US$ 1,670 per ounce (2% down).
·; Nordgold continues to make progress in resolving operational issues across most of its mines with robust production and clearly visible potential for upside for the rest of 2012 and in 2013 at Lefa, Suzdal, Berezitovy and both Russian heap leach operations - Neryungri and Aprelkovo. Head grades at Burytzoloto and recoveries at Taparko remain an uncertainty.
Refined gold production by mines (1)
3Q2012 | 3Q2011 | Change | 3Q2012 | 2Q2012 | Change | 9m2012 | 9m2011 | Change | |
Lefa | 40.7 | 36.9 | 10% | 40.7 | 43.6 | -15% | 124.1 | 146.4 | -7% |
Taparko | 29.4 | 33.8 | -13% | 29.4 | 29.3 | 0% | 91.2 | 105.1 | -13% |
Suzdal (2) | 27.9 | 10.9 | 157% | 27.9 | 18.7 | 50% | 65.7 | 52.1 | 26% |
Buryatzoloto | 24.7 | 33.6 | -26% | 24.7 | 30.2 | -18% | 86.6 | 98.1 | -12% |
Berezitovy | 33.4 | 25.5 | 31% | 33.4 | 25.5 | 31% | 79.2 | 77.7 | 2% |
Neryungri | 23.9 | 26.2 | -9% | 23.9 | 11.3 | 112% | 43.9 | 50.1 | -12% |
Aprelkovo | 13.9 | 11.7 | 19% | 13.9 | 6.6 | 109% | 24.3 | 21.3 | 14% |
Nordgold | 194.0 | 178.4 | 9% | 194.0 | 165.3 | 17% | 515.0 | 550.7 | -6% |
(1) Including 3.3 koz of silver production for the 9m 2012 (Q3 2012: 1.2 kGEO; Q2 2012: 1.0 kGEO;
9m 2011: 5.4 kGEO; Q3 2011: 1.6 kGEO)
(2) Including refined gold from Zherek
Safety
LTIFR of 1.96 is 21% lower than the corresponding period in 2011 and we remain determined to achieve our objective of Zero Harm for all employees and our contractors at all our mine sites. We recognise we operate in a hazardous environment, but our focus on ensuring our employees return home safely at the end of each shift is absolute.
Mine Highlights
·; Lefa - the mine is showing improvements along a variety of production KPIs. Availability and productivity of mining and processing equipment has strongly improved y-o-y which translated into higher production volumes in Q3 2012. Very importantly, the heavy wet season that peaks in Q3 has had a minimal impact on Lefa productivity due to preparatory measures taken by the mine management. Mine grade in Q3 2012 has been 13% lower than in the previous quarter or a year ago. The geological model indicates that ore grade will start improving in December and better grades will continue in 2013. Gold recovery at Lefa, while better than in Q1 2012 and in line with Q2 2012, is still below target levels. To address this we are in the process of implementing a series of technical improvements, such as upgrading Carbon in Pulp ("CIP") tanks into Carbon in Leach ("CIL") tanks, and erecting new screening systems, and additional elution columns to improve the recovery rate. These improvements are expected to be completed by the end of 2012.
·; Berezitovy - productivity increased by 68% y-o-y with record quarterly production volumes of 33.4 koz compared to 25.5 koz for Q3 2011 (31% y-o-y). With the second crusher and new pinion successfully installed in the middle of Q2 2012 we expect strong production performance at the mine in the future. The new heap leach operation on site is on track to start its gold production in Q4 2012.
·; Suzdal - production at the mine has substantially increased in Q3 2012 due to an increase in head grade and recovery. The recovery rate has grown by over 10 percentage points as a result of a series of measures implemented at the metallurgical plant, including optimization of floatation, CIL configuration, and parameters of bio-leaching. The current recovery level of 69% is at a historic high for Suzdal. Nevertheless, management sees potential for further improvement and will continue to optimize plant metallurgy in order to achieve recoveries in excess of 70%. We also expect to benefit from the significantly increased ore milled levels (137 kt in Q3 2012, increase of 14% y-o-y) and head grades improvements (7.72 g/t in Q3 2012, increase of 23% y-o-y).
·; Buryatzoloto - while ore milled volumes and recovery remained stable at both Buryatzoloto underground mines, head grade reduced significantly (-32% y-o-y; -20% q-o-q) due to lower than expected geological ore grade and higher dilution. As previously announced, we have intensified preparation works in order to gain access to new ore blocks. Also, we are currently working on a new geological model for the Buryatzoloto mines, which should provide better visibility on the shapes of the ore bodies and their grade distribution. Due to the complexity of Buryatzoloto's geology, the new model should be applied to mine planning only toward the end of H1 2013, leaving the head grade as a source of uncertainty until then.
·; Taparko - the mine has been the second biggest underperformer in the Nordgold portfolio relative to last year, with y-o-y production down 13%. Since the beginning of 2012 Taparko has experienced a drop in recoveries to levels below 80%. To address this problem, a regrind mill and two leach tanks were installed at the mine in early August 2012. During the installation, plant productivity reduced, resulting in lower ore processing volumes. Since the regrind mill launch, recoveries at Taparko have started to improve reaching 83% for the quarter. This is however still below our target of 85-90% and mine management continues to optimize milling parameters.
·; Neryungri and Aprelkovo - due to the seasonality effect, both heap leach operations have significantly increased production levels quarter over quarter. There has been a small increase in production at the mines year over year attributable primarily to higher ore grades at Aprelkovo. Overall, performance of both mines is consistently strong.
·; Gross - The pre-feasability study is being finalized and is expected to be completed in H2 2012; production is expected to commence in Q4 2013, with full scale capacity achieved in 2015.
·; Bissa - The construction phase is progressing on time and on budget, the arrival of the mining fleet is mostly complete and first production is on track for H1 2013.
Outlook
Nordgold confirms its 2012 full year production guidance of 720 to 770 koz.
Operating Results Summary
Operating results | 3Q2012 | 3Q2011 | Change | 3Q2012 | 2Q2012 | Change | 9m2012 | 9m2011 | Change |
LTIFR | 1.96 | 2.48 | -21% | 1.96 | 1.03 | 89% | 1.6 | 2.05 | -22% |
Run of mine(3), kt | 19,349 | 16,158 | 20% | 19,349 | 18,487 | 5% | 57,634 | 51,640 | 12% |
Waste mined(3), kt | 15,709 | 12,354 | 27% | 15,709 | 14,437 | 9% | 46,648 | 39,748 | 17% |
Ore mined, kt | 3,913 | 3,745 | 4% | 3,913 | 4,331 | -10% | 11,843 | 11,689 | 1% |
Stripping ratio(3), tn/tn | 4.01 | 3.30 | 22% | 4.01 | 3.33 | 20% | 3.94 | 3.40 | 16% |
Ore milled, kt | 4,656 | 4,588 | 1% | 4,656 | 3,979 | 17% | 11,238 | 12,071 | -7% |
Grade, g/t | 1.70 | 1.65 | 3% | 1.70 | 1.83 | -7% | 1.86 | 1.84 | 1% |
Recovery, % | 77.9% | 79.4% | (1.5pp) | 77.9% | 76.2% | 1.7pp | 78.2% | 81.3% | (3.1pp) |
Gold production, Koz | 194.0 | 178.4 | 9% | 194.0 | 165.3 | 17% | 515.0 | 550.7 | -6% |
Gold sold, Koz | 193.2 | 149.4 | 29% | 193.2 | 165.2 | 17% | 514.6 | 521.2 | -1% |
Average realised gold price per ounce sold, US$/oz | 1,670 | 1,697 | -2% | 1,670 | 1,602 | 4% | 1,654 | 1,529 | 8% |
Revenue, US$ m | 322.5 | 253.4 | 27% | 322.5 | 264.7 | 22% | 851.1 | 796.9 | 7% |
Ore processed multiplied by head grade and multiplied by recovery may not be equal gold produced due to differences in work in progress figures and volumes of silver production.
(3) Presented only for open pit mines
In the nine months ended September 30, 2012 the Company delivered 11,843 kt of mined ore, a 1% increase from 11,689 kt in the first nine months of 2011. The biggest contributors to growth were Taparko, Berezitovy, Suzdal and Aprelkovo. At the same time ore milled decreased by 7% y-o-y to 11,238 kt from 12,071 kt due to less lower grade ore from ROM stockpile processed at Aprelkovo mine
Head grade for the company increased by 1% to 1.86 g/t with the main contributors being Suzdal and Aprelkovo.
There was a 3 pp drop to 78% in the recoveries for the company - whith Aprelkovo, Lefa and Taparko being main contributors of recovery decline.
Gold production for nine months to 30 September 2012 was 35.7 koz lower than in the first nine months of 2011 and amounted to 515.0 koz (9m 2011: 550.7 koz).
We provide a more detailed mine site summary below in the next section.
Mine Site Summary
Guinea
Lefa
Operating results | 3Q2012 | 3Q2011 | Change | 3Q2012 | 2Q2012 | Change | 9m2012 | 9m2011 | Change |
LTIFR ratio | 0.82 | 0.00 | n.a. | 0.82 | 0.91 | -10% | 0.88 | 0.95 | -7% |
Run of mine, kt | 5,838 | 3,783 | 54% | 5,838 | 6,405 | -9% | 19,386 | 14,812 | 31% |
Waste mined, kt | 4,686 | 2,581 | 82% | 4,686 | 4,576 | 2% | 14,545 | 9,776 | 49% |
Ore mined, kt | 1,152 | 1,201 | -4% | 1,152 | 1,829 | -37% | 4,841 | 5,036 | -4% |
Stripping ratio, tn/tn | 4.07 | 2.15 | 89% | 4.07 | 2.50 | 63% | 3.00 | 1.94 | 55% |
Ore milled, kt | 1,582 | 1,441 | 10% | 1,582 | 1,466 | 8% | 4,424 | 4,464 | -1% |
Grade, g/t | 0.99 | 1.14 | -13% | 0.99 | 1.13 | -13% | 1.08 | 1.20 | -10% |
Recovery, % | 83.3% | 85.3% | (2pp) | 83.3% | 83.6% | (0.3pp) | 83.3% | 86.4% | (3.1pp) |
Gold production, Koz | 40.7 | 36.9 | 10% | 40.7 | 43.6 | -7% | 124.1 | 146.4 | -15% |
Gold sold, Koz | 40.7 | 36.9 | 10% | 40.7 | 43.6 | -7% | 124.1 | 146.4 | -15% |
Average realised gold price per ounce sold, US$/oz | 1,654 | 1,716 | -4% | 1,654 | 1,616 | 2% | 1,653 | 1,518 | 9% |
Revenue, US$ m | 67.3 | 63.3 | 6% | 67.3 | 70.4 | -5% | 205.0 | 222.3 | -8% |
Ore processed multiplied by head grade and multiplied by recovery may not be equal gold produced due to differences in work in progress figures and volumes of silver production.
Burkina Faso
Taparko
Operating results | 3Q2012 | 3Q2011 | Change | 3Q2012 | 2Q2012 | Change | 9m2012 | 9m2011 | Change |
LTIFR ratio | 0.00 | 0.00 | n.a. | 0.00 | 0.00 | n.a. | 0.00 | 2.13 | n.a. |
Run of mine, kt | 3,100 | 3,378 | -8% | 3,100 | 2,715 | 14% | 8,789 | 8,737 | 1% |
Waste mined, kt | 2,669 | 2,962 | -10% | 2,669 | 2,314 | 15% | 7,595 | 7,643 | -1% |
Ore mined, kt | 431 | 416 | 4% | 431 | 401 | 7% | 1,194 | 1,093 | 9% |
Stripping ratio, tn/tn | 6.19 | 7.11 | -13% | 6.19 | 5.77 | 7% | 6.36 | 6.99 | -9% |
Ore milled, kt | 406 | 364 | 11% | 406 | 361 | 12% | 1,171 | 1,096 | 7% |
Grade, g/t | 2.80 | 2.89 | -3% | 2.80 | 3.19 | -12% | 3.00 | 3.33 | -10% |
Recovery, % | 82.8% | 83.9% | (1.1pp) | 82.8% | 79.0% | 3.8pp | 82.2% | 84.8% | (2.6pp) |
Gold production, Koz | 29.4 | 33.8 | -13% | 29.4 | 29.3 | 0% | 91.2 | 105.1 | -13% |
Gold sold, Koz | 29.4 | 33.8 | -13% | 29.4 | 29.3 | 0% | 91.2 | 105.1 | -13% |
Average realised gold price per ounce sold, US$/oz | 1,688 | 1,689 | 0% | 1,688 | 1,597 | 6% | 1,653 | 1,525 | 8% |
Revenue, US$ m | 49.6 | 57.1 | -13% | 49.6 | 46.8 | 6% | 150.7 | 160.3 | -6% |
Ore processed multiplied by head grade and multiplied by recovery may not be equal gold produced due to differences in work in progress figures and volumes of silver production.
Russia
Buryatzoloto
Operating results | 3Q2012 | 3Q2011 | Change | 3Q2012 | 2Q2012 | Change | 9m2012 | 9m2011 | Change |
LTIFR ratio | 3.37 | 6.37 | -47% | 3.37 | 2.11 | 60% | 3.20 | 3.38 | -5% |
Ore mined, kt | 172 | 162 | 6% | 172 | 178 | -4% | 519 | 487 | 7% |
Ore milled, kt | 178 | 177 | 1% | 178 | 173 | 3% | 522 | 506 | 3% |
Grade, g/t | 4.49 | 6.59 | -32% | 4.49 | 5.58 | -20% | 5.29 | 6.62 | -20% |
Recovery, % | 92.8% | 92.3% | 0.5pp | 92.8% | 92.2% | 0.6pp | 93.2% | 91.8% | 1.4pp |
Gold production, Koz | 24.7 | 33.6 | -26% | 24.7 | 30.2 | -18% | 86.6 | 98.1 | -12% |
Gold sold, Koz | 24.7 | 21.5 | 15% | 24.7 | 30.2 | -18% | 86.6 | 85.7 | 1% |
Average realised gold price per ounce sold, US$/oz | 1,661 | 1,691 | -2% | 1,661 | 1,623 | 2% | 1,652 | 1,526 | 8% |
Revenue, US$ m | 41.1 | 36.3 | 13% | 41.1 | 49.1 | -16% | 143.0 | 130.8 | 9% |
Ore processed multiplied by head grade and multiplied by recovery may not be equal to gold produced due to differences in work in progress figures and volumes of silver production.
Berezitovy
Operating results | 3Q2012 | 3Q2011 | Change | 3Q2012 | 2Q2012 | Change | 9m2012 | 9m2011 | Change |
LTIFR ratio | 0.00 | 1.97 | n.a. | 0.00 | 1.80 | n.a. | 1.20 | 0.67 | 79% |
Run of mine, kt | 3,852 | 4,829 | -20% | 3,852 | 4,233 | -9% | 12,443 | 13,735 | -9% |
Waste mined, kt | 3,403 | 4,462 | -24% | 3,403 | 3,771 | -10% | 11,090 | 12,466 | -11% |
Ore mined, kt | 449 | 367 | 22% | 449 | 462 | -3% | 1,353 | 1,269 | 7% |
Stripping ratio, tn/tn | 7.57 | 12.16 | -38% | 7.57 | 8.16 | -7% | 8.19 | 9.82 | -17% |
Ore milled, kt | 615 | 366 | 68% | 615 | 333 | 85% | 1,192 | 1,058 | 13% |
Grade, g/t | 2.13 | 2.54 | -16% | 2.13 | 2.67 | -20% | 2.42 | 2.59 | -7% |
Recovery, % | 89.4% | 91.0% | (1.6pp) | 89.4% | 89.9% | (0.5pp) | 88.0% | 89.5% | (1.5pp) |
Gold production, Koz | 33.4 | 25.5 | 31% | 33.4 | 25.5 | 31% | 79.2 | 77.7 | 2% |
Gold sold, Koz | 33.4 | 15.4 | 117% | 33.4 | 25.5 | 31% | 79.3 | 67.6 | 17% |
Average realised gold price per ounce sold, US$/oz | 1,671 | 1,620 | 3% | 1,671 | 1,588 | 5% | 1,648 | 1,505 | 10% |
Revenue, US$ m | 55.8 | 24.9 | 124% | 55.8 | 40.5 | 38% | 130.7 | 101.7 | 28% |
Ore processed multiplied by head grade and multiplied by recovery may not be equal gold produced due to differences in work in progress figures and volumes of silver production.
Neryungri
Operating results | 3Q2012 | 3Q2011 | Change | 3Q2012 | 2Q2012 | Change | 9m2012 | 9m2011 | Change |
LTIFR ratio | 0.00 | 2.19 | n.a. | 0.00 | 0.00 | n.a. | 0.00 | 2.91 | n.a. |
Run of mine, kt | 2,933 | 2,027 | 45% | 2,933 | 2,761 | 6% | 8,662 | 6,465 | 34% |
Waste mined, kt | 2,187 | 1,322 | 65% | 2,187 | 2,228 | -2% | 7,201 | 4,417 | 63% |
Ore mined, kt | 746 | 704 | 6% | 746 | 533 | 40% | 1,461 | 2,048 | -29% |
Stripping ratio, tn/tn | 2.93 | 1.88 | 56% | 2.93 | 4.18 | -30% | 4.93 | 2.16 | 129% |
Ore milled, kt | 1,091 | 1,014 | 8% | 1,091 | 687 | 59% | 1,992 | 2,153 | -7% |
Grade, g/t | 1.03 | 1.10 | -6% | 1.03 | 0.94 | 9% | 1.00 | 1.12 | -11% |
Recovery(4), % | 75.0% | 75.2% | (0.2pp) | 75.0% | 75.0% | 0pp | 75.0% | 75.0% | 0pp |
Gold production, Koz | 23.9 | 26.2 | -9% | 23.9 | 11.3 | 112% | 43.9 | 50.1 | -12% |
Gold sold, Koz | 23.2 | 21.1 | 10% | 23.2 | 11.2 | 106% | 43.5 | 44.8 | -3% |
Average realised gold price per ounce sold, US$/oz | 1,673 | 1,686 | -1% | 1,673 | 1,574 | 6% | 1,653 | 1,583 | 4% |
Revenue, US$ m | 38.8 | 35.6 | 9% | 38.8 | 17.7 | 119% | 71.8 | 71.0 | 1% |
Ore processed multiplied by head grade and multiplied by recovery may not be equal gold produced due to differences in work in progress figures and volumes of silver production.
(4) Technical recovery rate. Actual recovery may differ due to seasonal effects.
Aprelkovo
Operating results | 3Q2012 | 3Q2011 | Change | 3Q2012 | 2Q2012 | Change | 9m2012 | 9m2011 | Change |
LTIFR ratio | 7.02 | 0.00 | n.a. | 7.02 | 0.00 | n.a. | 2.72 | 0 | n.a. |
Run of mine, kt | 2,892 | 2,143 | 35% | 2,892 | 1,856 | 56% | 7,056 | 7,029 | 0% |
Waste mined, kt | 2,135 | 1,460 | 46% | 2,135 | 1,123 | 90% | 5,126 | 5,816 | -12% |
Ore mined, kt | 758 | 683 | 11% | 758 | 733 | 3% | 1,930 | 1,213 | 59% |
Stripping ratio, tn/tn | 2.82 | 2.14 | 32% | 2.82 | 1.53 | 84% | 2.66 | 4.79 | -45% |
Ore milled, kt | 520 | 976 | -47% | 520 | 739 | -30% | 1,329 | 2,181 | -39% |
Grade, g/t | 1.43 | 0.73 | 95% | 1.43 | 1.32 | 8% | 1.35 | 0.78 | 73% |
Recovery(5), % | 47.7% | 60.1% | (12.4pp) | 47.7% | 47.7% | 0pp | 47.7% | 60.0% | (12.3pp) |
Gold production, Koz | 13.9 | 11.7 | 19% | 13.9 | 6.6 | 109% | 24.3 | 21.3 | 14% |
Gold sold, Koz | 13.9 | 9.8 | 41% | 13.9 | 6.6 | 110% | 24.3 | 19.5 | 24% |
Average realised gold price per ounce sold, US$/oz | 1,690 | 1,666 | 1% | 1,690 | 1,575 | 7% | 1,660 | 1,578 | 5% |
Revenue, US$ m | 23.4 | 16.4 | 43% | 23.4 | 10.4 | 125% | 40.3 | 30.8 | 31% |
Ore processed multiplied by head grade and multiplied by recovery may not be equal gold produced due to differences in work in progress figures and volumes of silver production.
(5) Technical recovery rate. Actual recovery may differ due to seasonal effects.
Kazakhstan
Suzdal
Operating results | 3Q2012 | 3Q2011 | Change | 3Q2012 | 2Q2012 | Change | 9m2012 | 9m2011 | Change |
LTIFR ratio | 2.27 | 0.00 | n.a. | 2.27 | 0.00 | n.a. | 0.78 | 1.65 | -53% |
Ore mined, kt | 102 | 120 | -15% | 102 | 103 | -1% | 340 | 331 | 3% |
Ore milled, kt | 137 | 120 | 14% | 137 | 108 | 27% | 369 | 378 | -3% |
Grade, g/t | 7.72 | 6.30 | 23% | 7.72 | 7.52 | 3% | 7.52 | 6.80 | 11% |
Recovery, % | 69.0% | 58.2% | 10.8pp | 69.0% | 65.0% | 3.9pp | 65.0% | 62.2% | 2.8pp |
Gold production(6), Koz | 27.9 | 10.9 | 157% | 27.9 | 18.7 | 50% | 65.7 | 52.1 | 26% |
Gold sold(6), Koz | 27.9 | 10.9 | 157% | 27.9 | 18.7 | 50% | 65.7 | 52.1 | 26% |
Average realised gold price per ounce sold(6), US$/oz | 1,667 | 1,821 | -8% | 1,667 | 1,593 | 5% | 1,666 | 1,535 | 9% |
Revenue(6), US$ m | 46.6 | 19.8 | 136% | 46.6 | 29.8 | 56% | 109.5 | 79.9 | 37% |
Ore processed multiplied by head grade and multiplied by recovery may not be equal gold produced due to differences in work in progress figures and volumes of silver production.
(6) Refined gold production for Celtic Group (includes gold from Zherek).
Enquiries:
Nordgold | |
Alexey Shchedrin Director of Corporate Communications & Investor Relations | Tel: +7 (917) 502 2048 |
Diana Asonova Press Secretary |
Tel: +7 (916) 347 9847 |
Maitland | |
Peter Ogden James Devas | Tel: +44 (0)20 7379 5151 |
For further information on Nordgold please visit the Company's website - http://www.nordgold.com
Notes to Editors
About Nordgold
Nordgold (LSE: NORD) is a pure-play emerging-markets gold producer established in 2007. The Company has expanded rapidly through acquisitions and organic investment, achieving a rate of growth unmatched in the industry during that period. In 2011 Nordgold's gold production reached 754 Koz.
The Company's proved and probable gold reserves as of January 1, 2012 totalled 12.7 Moz, while measured, indicated and inferred resources were estimated at 29.5 Moz.
The company operates 8 active mines and has 2 development projects, 5 advanced exploration projects and a diverse portfolio of early exploration projects and licenses in Russia, Kazakhstan, Burkina Faso and Guinea. Nordgold employs about 10,000 workers in CIS and West Africa.
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