Gold production is Nordgold’s main business.

Therefore, what is happening in the global gold market is of considerable importance to us.

The price of gold is determined by supply and demand, which we consider in detail below. However, the top line is that the gold price fell by more than 10% to US$1,061/oz as of the 2015 year-end, and averaged US$1,160/oz during the year – 4.5% below the average price for 2014. (Source: The London Bullion Market Association)

Nordgold does not have any gold hedging in place, and we therefore expect our realised gold price to remain close to the market price in 2016. Savings and speculation affect both the gold price and its consumption, unlike other metals, and add additional unpredictability to the dynamics of gold price forecasting.


demand

Demand for gold comes from four sources

supply

The supply of gold comprises mine production and gold recycling


Pricing

The market for gold is relatively liquid compared to other commodity markets, with London being the world’s largest gold-trading market.


History

CONTACTS

Valentina Bogomolova

Head of IR
tel.+7 495 644 44 73 #707 6711

Olga Ulyeva


Head of Media Relations
tel.+7 495 644 44 73 #707 6632

ROMAN MEZHUEV

RECRUITMENT MANAGER
tel.+7 495 644 44 73

OLEG BAZALEEV

HEAD OF SUSTAINABLE DEVELOPMENT PROJECTS
tel.+7 495 644 4473 #707 6746