GV Gold cuts output 10% in 2016, 30% growth seen in 2017
MOSCOW. Jan 30 (Interfax) - OJSC Vysochaishy (GV Gold) produced 5.1 tonnes (164,000 oz) of gold in 2016, down 10% from 2015, the company said in a statement.
Production fell due to the planned processing of ore with a lower grading at the company's Irkutsk fields - 1.33 g/t, or 8% less than in 2015.
GV Gold plans to produce 6.7 tonnes (216,000 oz) of gold in 2017, a 30% increase over last year due to the commissioning of the first stage of the Ugakhan mine in the Irkutsk region and the Taryn mine in Yakutia.
GV Gold operating results:
| 2016 | 2015 | change | |
| Irkutsk Project | |||
| Gold production, kg | 4 787,73 | 5 210,28 | -8% |
| Gold production, '000 oz | 153,93 | 167,51 | -8% |
| Sales revenue, mln rubles | 12 835,26 | 11 807,31 | 9% |
| Sales revenue, $ mln | 190,91 | 194,03 | -2% |
| Aldan Project | |||
| Gold production, kg | 308,36 | 430,60 | -28% |
| Gold production, '000 oz | 9,91 | 13,84 | -28% |
| Sales revenue, mln rubles | 810,62 | 976,55 | -17% |
| Sales revenue, $ mln | 12,68 | 15,63 | -19% |
| Group Total | |||
| Gold production, kg | 5 096,09 | 5 640,88 | -10% |
| Gold production, '000 oz | 163,84 | 181,36 | -10% |
| Sales revenue, mln rubles | 13 645,88 | 12 783,86 | 7% |
| Sales revenue, $ mln | 203,59 | 209,65 | -3% |
GV Gold is one of Russia's ten biggest gold producers. It produced 181,000 oz of gold last year.
GV Gold chairman and Lanta Bank CEO Sergei Dokuchayev, company board director and Lanta Bank deputy CEO Natalya Opaleva and company board director and LT-Resurs CEO Valerian Tikhonov each own 20.36% of shares in GV Gold; BlackRock holds 17.99%; the European Bank for Reconstruction and Development (EBRD) owns 5.26%; Vladimir Kochetkov, a member of the GV Gold board of directors, owns 5.46%; Cyprus-based Brishurt Ltd owns 6.37%; CEO Sergei Vasilyev holds 0.91%, and 2.95% of the shares are held in Treasury.
