Nordgold Announces Q1 2020 Operating Results
London, United Kingdom, 22 May 2020 - Nord Gold SE (“Nordgold” or the “Group”), the internationally diversified gold producer, announces unaudited operating results for the first quarter ended 31 March 2020.
The health and well-being of our employees has always been our core priority. This is particularly important as we face up to the unprecedented health crisis caused by the COVID-19 pandemic. We have implemented a range of measures across our business to limit the spread of the virus, and to support our local communities in dealing with the crisis on the ground. This includes rolling out a major testing programme at our mines, as well as isolation, hygiene and distancing tactics, together with funding local education campaigns designed to raise awareness and understanding of the virus. As a result, our operations have been largely unaffected and we continue to operate as normal. I am truly proud of the efforts our teams have made.
I am pleased to report a robust quarter in terms of production which was up on the same period last year. In particular, our Gross, Taborny, Berezitovy, Suzdal and Taparko mines saw strong performance. Nikolai ZelenskiChief Executive Officer
- Lost Time Injury Frequency Rate (LTIFR) improved by 59% year-on-year (“YoY”) to 0.73 with zero fatalities at Nordgold mines in Q1 2020.
- In Q1 2020, gold production increased by 4% YoY to 225.9 koz mainly driven by higher volumes of ore processed at Taborny, Gross and Suzdal mines, as well as higher recovery rates at Gross, Suzdal and Taparko. Q1 production decreased against Q4 2019 mainly due to the normal impact of the winter season on heap leach operations in Russia, lower processed volumes and grade at Bissa-Bouly and Lefa, as well as lower recovery at Suzdal.
- Extensive measures were implemented across Nordgold’s global operations to support employees and local communities during the COVID-19 outbreak. All Nordgold mines were operational in Q1 2020 except the Bissa plant where processing was suspended for three days in March to introduce COVID-19 precautionary measures.
- In March 2020, Nordgold acquired a 19.9% stake in ASX-listed Cardinal Resources, owner of the Namdini Gold project in Ghana, which was followed by a submission of a non-Binding Preliminary Proposal to acquire the balance of the company.
- In May 2020, Nordgold entered into a Binding Term Sheet with the Australian-based explorer Mako Gold Limited (ASX:MKG) to acquire its Niou Gold Project located 50 kilometers southwest of the Bissa mine in Burkina Faso.
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