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Nord Gold Q1 production drops 21% YOY

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Nord Gold Q1 production drops 21% YOY

Nord GoldNV's refined gold production in the first quarter dropped 21% yearover year to 209,500 gold equivalent ounces, it said April 29.

The lower production compared to 266,700 ounces in the firstquarter of 2015 was due to last year's figures including 28,500 ounces of golddoré that was produced but not refined at the end of 2014, which was refined inthe year-ago first quarter. In addition, lower output was reported at theBissa andBerezitovymines.

Bissa production was mainly impacted by the decision tobring forward the planned upgrade of the SAG mill into the first quarter, aswell as mining lower grade ore from the Z51/52 pits.

The operating performance of seven other mines was largelyin line with the year's production plan, the company added.

Revenue in the quarter dropped 30% year over year toUS$250.5 million. The average realized gold price was also reported to havedecreased to US$1,189 per ounce, which is a 3% drop.

Nord Gold reiterated its full-year production guidance of950,000 ounces to 1.01 million ounces, with 200,000 ounces expected from theBissa mine.

CEO Nikolai Zelenski also said that construction of thecompany's Bouly mine in Burkina Faso, located adjacent to Bissa, is onschedule, with the project expected to launch in the third quarter this year.