Zapadnaya Gold Mining EBITDA plummets 43% to $24 mln in 2013
MOSCOW. June 17 (Interfax) - Zapadnaya Gold Mining, which has a portfolio of gold exploration and mining projects in Northeast Russia and East Siberia, saw earnings before taxes, depreciation and amortization (EBITDA) plummet 42.8% in 2013 to $23.65 million, the company said on its website.
The EBITDA margin fell from 36% to 20.7%. Sales revenue was almost flat at $114 million, while gold sales grew 20.5% to 82,000 oz. Net profit plummeted 80% to $5.8 million.
Zapadnaya Gold Mining operating and financial highlights:
| 2013 | 2012 | Change | |
| Gold mined, oz | 75 043 | 70 931 | 5,8% |
| Gold sales, oz | 82 147 | 68 168 | 20,5% |
| Revenue, $ mln | 114,184 | 114,953 | -0,7% |
| EBITDA, $ mln | 23,647 | 41,332 | -42,8% |
| EBITDA margin | 20,7% | 36,0% | -15,3 pp |
| Net profit, $ mln | 5,799 | 29,113 | -80,1% |
| Net operating cash flow, $ mln | 27,507 | 6,502 | 323,1% |
The company has operating mines, Badran and Kedrovka, one at the preproduction phase, and one, Bazovskoye, at the planning stage. The company's resources are more than 5.8 million oz and probable reserves are 1.2 million oz.
VTB Capital has been a minority shareholder in Zapadnaya Gold Mining since 2012.
