Canadian Mining Journal

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Nordgold pays 30% of net profits to shareholders


Moscow-headquartered Nordgold (LSE: NORD) counts itself as one of the best performing, lowest cost gold producers in the industry today, and yet, curiously, few North Americans know anything about it.

Russian billionaire Alexey Mordashov, owns a 90.5% stake in the company, whose nine mines – five in Russia, one in Kazakhstan, and three in Africa – produced gold in the first half of this year at all-in sustaining costs (AISC) of US$722 per oz, down 20% year-on-year, and generated US$141.2 million in consolidated free cash flow.

The company consistently pays 30% of its net profits to shareholders in the form of dividends. Last year those dividends rang in at US$39 million, and already in the first three quarters of this year, have reached US$52.6 million. …

Nordgold is also one of a handful of companies in the industry that is buying back shares, and has spent about US$29 million on the exercise, so far this year.

Read the complete article at NorthernMiner.com/news/nordgold


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