Reserves and Resources

We are committed to delivering sustainable organic growth by responsibly developing our resources and reserves

Nordgold’s strong balance sheet and focus on consistent free cash flow generation enables us to invest in our globally diversified asset base across four continents and six countries. This commitment also ensures we are well placed to deliver on our exciting pipeline of high-quality exploration and development projects.

Nordgold aims to expand its resource and reserve base through organic growth and selective acquisitions of high-value projects, while pursuing a balanced pipeline of exploration and development projects and increasing the lives of existing mines through focused exploration and optimisation programmes.

We intend to continue to invest in exploration and development activities, near our operating mines, at satellite deposits and at new locations, in order to offset depletion and expand its resources and reserves base.

Outstanding track record
in reserves replacement

Our first-class exploration programme is key to providing the platform to drive continued organic growth.

While producing approximately 5.3 Moz of gold between 2015 and 2020, Nordgold increased its proved and probable gold reserves by  6.5 Moz, a more than 120% replenishment of the Group’s reserve base.

2015–2020 Gold Reserves Evolution

As a result of the succesefull investment in exploration, Nordgold’s ore reserves increased to 15.2 Moz of gold as of the end of 2020, up from 14.0 Moz at the end of 2015.

Gold Reserves (JORC)

Our continuous focus on exploration
supports steady resources growth

Following a highly successful US$ 185 million investment in exploration programmes in 2016-2020, Nordgold’s total mineral resources (inclusive of reserves) increased by 14.7 Moz of gold to 43.2 Moz as of the end of 2020, up from 28.5 Moz in 2015.

Total Mineral Resources (JORC)


Corporate Communications
Procurement Department