Since its foundation in 2007, Nordgold has built a track record of which we are extremely proud. Gold production has grown from 21 thousand ounces in 2007 to 869 thousand ounces in 2016.
We are forecasting a range of 900 – 950 thousand ounces of gold for 2017 with All-in Sustaining Costs of US$900/oz - US$950 per ounce.
We benefit from an international portfolio of high quality assets – nine operating mines in four countries, and a well advanced, de-risked, low capital-intensive development pipeline.
Nordgold’s success is down to the quality of its people. Our management team is committed to all its stakeholders and to implementing best practice standards from both a technical and corporate perspective. We are constantly investing in our employees’ development and promoting a culture which fosters an ethos of team work and mutual respect.
It is these efforts that have enabled us to deliver on a long track record of cost improvements which have placed us firmly in the lower quartile of the industry cost curve. So despite the challenging low gold price environment we have continued to generate positive free cash flow, and in turn, generate robust returns for our shareholders.
What’s different about Nordgold?
“WE HAVE BUILT A REPUTATION FOR DELIVERING SUSTAINABLE FINANCIAL PERFORMANCE. IN 2016, THE COMPANY INCREASED NORMALISED NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS BY 14% TO US$223.1 MILLION. THIS ENABLED US TO INCREASE RETURNS TO SHAREHOLDERS IN A FORM OF DIVIDENDS TO US$66.9 MILLION IN 2016 FROM US$58.5 MILLION IN 2015. WE ALSO REDUCED OUR NET DEBT BY US$79 MILLION TO US$505.4 MILLION AND MAINTAINED EBITDA MARGIN CLOSE TO THE 2015 LEVEL AT 45.4%.”
Looking to the future, we are targeting profitable production growth and competitive position on the cost curve. Our strong balance sheet, with no major debt payments due until 2018, and consistent free cash flow generation, enable us to continue investing in our exciting pipeline of low cost development projects, regardless of the price environment.
This long term sustainability is key to our culture, but it runs far deeper than our ability to invest in our pipeline. It’s also about our licence to operate as a responsible guest in our host countries.
We firmly believe creating sustainable value equates to being responsible stewards of the environment, complying with the highest applicable safety standards, making positive economic and social contributions to communities, and engaging openly and transparently with all our stakeholders. It is only by engaging with our communities that we can be successful in the long term.