Share with a friend

Copy link to article


Nordgold Announces Q1 Financial and Operating Results

London, United Kingdom, 23 May 2018 — Nord Gold SE (“Nordgold” or the “Company”), the internationally diversified gold producer, announces its financial and operating results for the first quarter ended 31 March 2018.

“As expected, this has been a softer quarter for Nordgold, as we mine lower grade ore blocks in our larger mines in line with the mine plan and continue to invest in the construction of our next major project, Gross mine in Russia. I am pleased to confirm the Gross construction is on time and on budget. We expect to begin production later this year and for the mine to make a meaningful contribution to overall production in the second half of 2018. Our next major greenfield project, Montagne d’Or in French Guiana, is also progressing well. We will apply for appropriate mining and construction approvals this year. Montagne d’Or has the potential to be an outstanding asset and significant contributor to the French Guiana economy, both in terms of employment and taxes, as well as generating value for Nordgold shareholders.” Nikolai ZelenskiNordgold CEO

Q1 2018 Highlights

  • In Q1 2018, refined gold production of 225.1 thousand gold equivalent ounces (“koz”) was 6% lower year-on-year (“YoY”) and 10% lower quarter-on-quarter (“QoQ”).
  • Revenue increased by 2% YoY to US$300.0 million in Q1 2018, mainly as a result of the higher average realised gold price. QoQ revenue decreased by 6% due to lower sales volumes.
  • EBITDA of US$126.0 million in Q1 2018, was down both YoY and QoQ mainly driven by higher costs.
  • Net profit for Q1 2018 of US$42.4 million and normalised net profit attributable to shareholders (1) of US$37.4 million.
  • Operating cash flow of US$97.0 million in Q1 2018 and negative free cash flow (1) generation of US$14.4 million as a result of the continued construction of the Gross mine.
  • Total debt of US$1,000.5 million and net debt (1) of US$691.5 million at the end of Q1 2018.
  • Q1 2018 capex (1) of US$121.3 million was 96% higher YoY as result of the investments into the Gross mine construction along with the higher capitalised stripping.
  • All-in sustaining costs (1) (“AISC”) was up by 19% YoY and 12% QoQ to US$1,001/oz in Q1 2018 mainly due to higher capex.
  • The Lost time injury frequency rate (LTIFR) in Q1 2018 improved to 1.05 compared with 1.70 in Q1 2017 and 1.20 in Q4 2017.

(1) For detailed definition, please see «Non-IFRS Financial Measures».

For further information, please contact:

Andrei Naumov
Media Relations Specialist
Tel: +7 495 644 4473

Peter Ogden
Giles Read
Tel: +44 (0) 20 7250 1446

Apply for a job

work Format Contact information Professional data

Select the work format

Enter your personal information

Enter your contact information

Please enter professional data

Attach your resume

Drag and drop a file here or

select file Acceptable file format:. pdf,. doc,. docx,. rtf
Acceptable file format:. pdf,. doc,. docx,. rtf

Thank you! Your request was successfully submitted

Our recruiter will process the application
and contact you soon


Thank you! Your message has been sent

Application form

Dear candidate,
We are happy to welcome you as a participant of The Fast Track program selection process. Please fill in the application form below. Please ensure that the content of application form is accurate before submitting. Please carefully save the form and be aware it was submitted by the first time. Unfortunately you couldn't save the form and return for it's editing later. We wish you good luck during the selection process and will be happy to see you in Nordgold.

Photo upload

Contact information

Career disciplines*

Currently the applications flow is open for all 4 career disciplines. Please choose one of them if your professional specialization is relevant

Relocation possibilities*


Work experience*

Add new

Upload attachment*


Upload resume

Cover letter*

Dear candidate,
You are welcome to leave a cover letter. Among the other things, you may answer the following questions: Why do you want to work at Nordgold? And why are you our best choice for this program?

Upload letter

Additional information

Add new

I've gained the information regarding the Fast Track program from (choose one of the answers or propose yours):