London, United Kingdom, 23 March 2017 - Nord Gold SE (“Nordgold” or the “Company), the internationally diversified gold producer, announces its financial and operating results for the fourth quarter and 12 months ended 31 December 2016.
2016 was another year of strategic and operational progress. While production was not at the level we were expecting in the first half, we took extensive measures to drive down costs and improve efficiencies across our mine sites. These actions resulted in a better second half performance and an improved outlook for production in 2017. We have also delivered a solid EBITDA result in a more challenging year, and strong cash generation has ensured we can return value to our shareholders.
A key highlight during the year was the successful launch of our new Bouly Mine in Burkina Faso which once again demonstrates our strong track record in developing outstanding mining assets from the ground up, following the success of our flagship Bissa mine in 2013. Bouly has delivered well ahead of our expectations, testament to the expertise of our team, while construction of our next growth project, the new Gross mine in Russia is also progressing well. The success of Bouly, combined with the development of Gross and our wider development pipeline all show that our business is built on strong foundations with a clear strategy. We remain committed to running a safe, efficient, cash generative operation, which in turn, will continue to generate robust shareholder returns. Nikolai ZelenskiChief Executive Officer of Nordgold
(1) For detailed definition of the normalised EBITDA, please see Non-IFRS Financial Measures.
(1) For detailed definition, please see Non-IFRS Financial Measures.
(1) Bouly 2016 revenue was partially capitalised as the asset was in the ramp up stage.
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