Severstal subsidiary Northern Gold with sales increase

Severstal subsidiary Northern Gold with sales increase

25.04.2012 Amsterdam – For the fiscal year 2011 could double based in the Netherlands, a subsidiary of the Russian steel producer Severstal-North Gold's net profit just once. And the first quarter of this year went for the gold producers, despite some problems also satisfactory, because the company could increase its sales during the period.

After all, the company's sales increased in the first quarter 2012 by eight percent compared to the same period (244 Million dollars) now on 264 Million dollars. However, the Group had in March-quarter production decline suffered by eleven percent. Northern Sun Gold supported a total 155.700 Troy ounces of gold, in the first quarter 2011 the output was still 174.200 Troy ounces. The gold sales were declining, but the company with ten percent compared to the same period, reaching only 156.200 Troy ounces (2011 173.900 Troy ounces of gold). However, the company could benefit from the increased gold prices in the first quarter of this year, since this increased about 20 Percent on average 1.689 Dollars per troy ounce.

Production increase announced

And the company also recently had a gold production increase for the current fiscal year announced: So soll der Output in 2012 on 800.000 to 850.000 Troy ounces of gold equivalent increase. Although this seems rather ambitious to, when one considers, that seen in the opening quarter less than 25 Percent of the projected annual emissions were produced. However, the decline in output in the quarter-quarter resulted in problems in deposits in the countries of Burkina Faso, Guinea, and two mines in Russia, which are now fixed. . In this respect, the goal, to increase the gold output this year on the said amount be seen as something to be realistic.

As the conveyor failures have now been eliminated, The company wishes to not only this year but also in 2013 The gold output increase. So will the company next year even produce a total of one million ounces of gold equivalent. If the gold price to yield significantly, Therefore, the company should come up with to continue regular business results.

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