2021 Financial and Operating Results
30 May 2022
Nord Gold plc («Nordgold» or the «Group»), the internationally diversified gold producer, announces financial and operating results for the twelve months ended 31 December 2021.
2021 Highlights:
- The Lost Time Injury Frequency Rate (LTIFR) was 0.07 for the full year (FY) 2021, a substantial improvement of 46% year-on-year (y/y). Nordgold is pleased to announce that LTIFR data now includes both own employees and contractors. Data for 12M 2020 is adjusted and includes both employees and contractors. Nordgold’s management KPI now also include LTIFR on a combined basis to further improve the long-term sustainability of the business and safety of our people.
- Refined gold production remained broadly stable at 1,024.4 thousand ounces of gold equivalent (koz). The planned lower production at Gross, Taparko, and Suzdal mines was broadly offset by strong performances at the Bissa-Bouly, Taborny and Irokinda mines.
- The average realised gold price remained relatively unchanged in 2021 at US$ 1,790/oz (FY2020: US$ 1,779/oz), though during the year the price was volatile due to global inflationary pressures and the subsequent expectations for central banks worldwide to tighten economic policies.
- Adjusted EBITDA of US$ 943.2 million was 7% lower y/y due to lower gold production and increased cash costs for the period. Despite inflationary pressure on Nordgold’s cost base, the Company managed to maintain EBITDA margin at solid level of 52% in 2021.
- Free Cash Flow decreased to US$ 408 million mainly due to lower earnings and higher working capital outflows y/y.
Please find full version of the Press Release and Financial Statements in the PDF files.