| 2018 | 2019 | Y-o-Y, % | |
|---|---|---|---|
| Rock mass, kt | 44 959 | 83 809 | 86% |
| Overburden stripped, kt | 36 967 | 72 468 | 96% |
| Ore mined, kt | 7 993 | 11 341 | 42% |
| Stripping ratio, t/t | 4.6 | 6.4 | 39% |
| Ore processed, kt | 8 210 | 9 986 | 22% |
| Gold production, koz | 266.3 | 233 | -13% |
| Gold in the gravity and flotation concentrate, koz | 38.0 | 27 | -29% |
| Total gold production, koz | 304.3 | 260 | -15% |
36%
260 koz
GV Gold total production in 2018
A strategic vector of our development is strengthening of our leadership positions in the industry.
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40%
9.9 Mt
Annual ore throughput
The Company implemented a large-scale exploration program and acquired a new license
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RUB 3.1 B
Dividends planned for 2018
The Company paying persistently high dividends amounting to %30 of the IFRS EBITDA.
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Financial Performance
| 2018 | 2019 | Y-o-Y, % | |
|---|---|---|---|
| Gold sold, koz, including | 299 | 242 | -19% |
| Bar gold, koz | 263 | 226 | -14% |
| Gold in the gravity and flotation concentrate, koz | 36 | 16 | -54% |
| Average refined bar gold selling price, USD /oz | 1 267 | 1 399 | 11% |
| Revenue, M USD, including: | 361 | 355 | -7% |
| Revenue from gold sales, M USD | 333 | 316 | -5% |
| Revenue from concentrate sales, M USD | 27 | 16 | -38% |
| Operating profit, M USD | 127 | 75 | -57% |
| Net profit, M USD | 80 | 72 | −10% |
| Adj. EBITDA, M USD | 164 | 120 | -27% |
| Adj. EBITDA margin, % | 45% | 36% | −9 p.p. |
| Net cash inflow from operations, M USD | 256 | 13 | -95% |
| Capital expenditures, M USD | 86 | 69 | -19.8% |
| Total cash cost (TCC), USD /oz | 541 | 754 | 39% |
| All-in sustaining cash cost (AISC), USD /oz | 679 | 909 | 34% |
Financial Position
| 2018 | 2019 | Y-o-Y, % | |
|---|---|---|---|
| Cash and cash equivalents, M USD | 100 | 34 | -66% |
| Net debt, M USD | 72 | 202 | 180% |
| Net debt/EBITDA, х | 0.5 | 1.6 |
Operating Highlights
| 2018 | 2019 | Y-o-Y, % | |
|---|---|---|---|
| Ore mined, kt | 7 993 | 11 341 | 42% |
| Ore processed, kt | 8 217 | 9 903 | 21% |
| Total refined gold production, koz | 304 | 260 | -15% |
Proved and Probable Reserves (P & P) estimation as for 01.07.2017
| Deposit | Ore, kt |
Grade, g/t |
Gold, kg |
Gold, koz |
|---|---|---|---|---|
| Golets Vysochaishy | 23 721 | 1,08 | 25 616 | 824 |
| Ykanskoye | 2 730 | 1,97 | 5 373 | 173 |
| Ozhereliye | 435 | 2,63 | 1 143 | 37 |
| Krasny* | 7 342 | 1,09 | 7 999 | 257 |
| Ugakhan | 23 875 | 1,07 | 25 627 | 824 |
| Drazhnoye | 7 651 | 3,09 | 23 602 | 759 |
| TOTAL hard rock gold | 65 754 | 1,36 | 89 360 | 2 874 |
| Bolshoy Kuranakh** | 212 243 | 226 | 47 970 | 1 542 |
| TOTAL | — | — | 137 330 | 4 415 |
Measured, Indicated and Inferred Resources (M, I & I) estimation as for 01.07.2017
| Deposit | Ore, kt |
Grade, g/t |
Gold, kg |
Gold, koz |
|---|---|---|---|---|
| Golets Vysochaishy | 24 575 | 1,09 | 26 798 | 862 |
| Ykanskoye | 2 875 | 2,23 | 6 423 | 207 |
| Ozhereliye | 1 198 | 3,21 | 3 844 | 124 |
| Krasny* | 26 054 | 1,78 | 46 416 | 1 492 |
| Ugakhan | 38 466 | 1,11 | 42 810 | 1 376 |
| Drazhnoye | 9 223 | 3,50 | 32 272 | 1 038 |
| TOTAL hard rock gold | 103 591 | 1,50 | 158 563 | 4 993 |
| Bolshoy Kuranakh** | 168 447 | 299 | 50 418 | 1 962 |
| TOTAL | — | — | 208 981 | 6 955 |
* No account taken of the ownership stake.
** The volume of sands is measured in ‘000 m3 and the grade is measured in mg/m3 . Only the gravity gold data were used in the statement.