15 Apr 2010 11:29

Vysochaishy 2009 RAS net profits tick up 0.3%

IRKUTSK. April 15 (Interfax) - Gold miner OJSC Vysochaishy (GV

Gold) turned 2009 net profits to Russian Accounting Standards (RAS) of 1.169 billion rubles, or 0.3% more than the year before, the company's website says.

Vysochaishy's sales revenue for last year came to 2.956 billion rubles, or 18% more than in 2008, thanks to higher gold prices, the company said.

The cost price was up 33% at 1.335 billion rubles. The increase in cost price was associated with increased mining work and administrative expenditures, the company said.

The company extracted 111,000 ounces of gold last year, with its Irkutsk division (working main asset Golets Vysochaishy) producing 98,200 ounces versus 117,000 in 2008.

The Vysochaishy company group's ore and placer deposits are located in the Irkutsk and Amur regions, and in Yakutia and Komi. The company's main shareholders are private investors, the company Brishurt, and the company group Blackrock.