By Andrei Skvarsky.
GV Gold, one of Russia’s top gold mining companies, has reported gold output of 272 kilo ounces (koz) for 2020 or five per cent up on 2019 and announced it expects to produce between 290 and 300 koz in 2021.
The statistics are combined figures for the parent company and the subsidiaries, according to a statement from GV Gold, a group that is also known as Vysochaishy.
Sales of refined gold and concentrate brought GV Gold $469m in 2020, the company said in citing unaudited accounts. If confirmed, the sum would mark a year-on-year revenue increase of 41 per cent.
GV Gold said it expected to release consolidated financial statements based on international financial reporting standards (IFRS) in March.
In January 2021 the company revised its dividend policy upwards, setting target dividends for the period from January to September 2020 at nearly 40 per cent of its earnings before interest, taxes, depreciation and amortisation (EBITDA).
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