Support The Moscow Times!

Nordgold 4Q Profit Up

Nordgold, the gold mining company spun off from Severstal this year, more than doubled fourth-quarter profit on increased production, it said.

Net income rose to $78.3 million from $34.5 million a year earlier. Sales grew 43 percent to $385 million. Gold production may expand to as much as a record 850,000 ounces this year, the company said in a statement Friday. Output expanded 28 percent to 754,000 ounces last year, Nordgold said Jan. 18.

Full-year net income attributable to shareholders almost doubled to $168.9 million, while EBITDA rose 55 percent to $574 million. Revenue grew 57 percent to $1.2 billion. Nordgold said it may declare a maiden dividend when it releases interim results.

(Bloomberg)

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

As we approach the holiday season, please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world’s largest country.