Nord Gold

In January-March, Nordgold invested $4.9 million in Berezitovy mine

In the first quarter of 2016, the capital investments of Berezitovy mine (included in Nordgold) made up $4.9 million, which is by 63% more than in the same period last year, the press centre of the enterprise reports.
The funds were invested in the maintenance of production facilities, geological exploration and evaluation.

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Nordgold might shut down the capacity at Aprelkovo

​Nordgold of A. Morashov might shut down the capacity at the Aprelkovo mine in the Trans-Baikal region within a few months. The company might apply for its bankruptcy.
The local Tax Authorities have made a decision to additionally charge 229 mln roubles of taxes for 2011 and 2012. This amount represents the additional MET which was counted by the agency on the basis of the disputable taxation of the production capacity with a low coefficient of extraction. The decision of the Tax Office was supported by the 4th Arbitration Court of Appeal.
The company considers the charging of the additional taxes to be groundless and will put it in question in the cassation form. These claims will not touch other assets of Nordgold in Russia.
The collection of taxes will lead to the generation of the negative monetary flow by the mine which will stay the same during the remaining 2 years of the deposit’s operation. As a consequence, the mine will become loss making. These factors might lead to the shutdown of the production within the coming few months and applying for bankruptcy, is reported.

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Nordgold reduces its capital by 0.1%, redeemed 425 thousand GDR

Gold mining company of Alexei Mordashov Nordgold has repaid 425.210 thousand treasury shares, represented by Global Depositary Receipts (GDR), which were bought under the buyback programs in the period from December 11 to February 24, the company reports.

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The Deputy Prime Minister Khloponin expects to sell Sukhoi Log by year's end.

The Russian government expected to form a pool of Russian investors soon to participate in the auction for the right to develop the Sukhoi Log gold deposit in the Irkutsk region, the Deputy Prime Minister Aleksandr Khloponin responsible for the use of mineral resources told reporters. He hopes that the auction will take place before the end of this year.

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In 2016, Nordgold to increase its investments in Neryungri by 20%

In 2016, Nordgold of Alexei Mordashov plans to increase its investment in the modernization and development of its subsidiary Neryungri Metallic in Yakutia to 730 million rubles (at the rate of 80 RUR/USD this is more than $9 million), as compared with $7.5 million in 2015, the company reports.
This year, the investments in geological exploration at promising areas, adjacent to the Taborny deposit to increase the volume of the reserves will amount to about 130 million rubles. Nearly 600 million rubles more will be spent for capital repairs of the equipment, replacement of the main technical units, spare parts and upgrade of the fleet, the report says.

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Nordgold to reduce investments into “Berezitovy” by twice in 2016

Nordgold of A.Mordashov plans to reduce capital expenses into “Berezitovy rudnik” LLC (Amur region) to 831 million roubles (appr. $10.4 mln) in 2016 against $22.2 million in 2015, runs the company’s statement. According to the executive director of “Berezitovy rudnik” M.Gazizov, about 40 million roubles will be directed for the realization of geological programme on investigation of the Haiktinsky ore site, located north of “Berezitovy” mine. They are about to invest over 270 million roubles into the renewal of mining equipment , in particular, acquisition of three dump trucks and two diggers and more than 340 million roubles – into the capital repair of the mining equipment.

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Nordgold to increase investments into “Buryatzoloto” by 33%

Nordgold of A.Mordashov plans to increase capital investments into the development of a subsidiary OJSC “Buryatzoloto” up to 1.6 billion roubles in 2016 against 1.2 billion roubles in 2015, runs the company’s statement.

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Sukhoi Log not to be put up for auction in Q1

An auction for Sukhoi Log gold deposit, scheduled for Q1, 2016, has been postponed, Minister of Natural Resources and Environment S.Donskoi stated.
“No, the terms have changed,” Donskoi said, answering the question whether the auction will take place in the first quarter of 2016

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In 2015, Russia increased gold production to 294 tons

By results of 2015, Russian enterprises produced 294.257 tons of gold, mined and produced as a result of by-production, including processing of scrap and waste, as well as in concentrates, this is by about 2% more than in the previous year, chairman of the Union of Gold Producers of Russia Sergey Kaszuba reported at the Forum of Adam Smith Institute in Moscow.

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The fall of the rouble strengthens "Russian" gold.

Last year one of the main factors affect the price of gold, in addition to long-term uncertainty with the Fed interest rates, was the strengthening of the US dollar against other currencies, including the Russian rouble.
However, despite the fact that the strengthening of the dollar contributed to the reduction of the precious metal prices, Russian companies increased their revenues by significantly reducing the production cost due to the depreciation of the rouble, and investors had yield growth from investments in gold.

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