| 2019 | 2020 | Y-o-Y, % | |
|---|---|---|---|
| Rock mass, kt | 83,809 | 101,227 | 21% |
| Overburden stripped, kt | 72,468 | 92,561 | 28% |
| Ore mined, kt |
11,341 |
8,665 | -24% |
| Stripping ratio, t/t |
6.4 |
10.7 | 67% |
| Ore processed, kt |
9 986 |
10,500 | 5% |
| Gold production, koz |
233 |
243 | 4% |
| Gold in the gravity and flotation concentrate, koz |
27 |
30 | 10% |
| Total gold production, koz |
260 |
272 | 5% |
5% 272 koz
GV Gold total production in 2020
A strategic vector of our development is strengthening of our leadership positions in the industry.
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5% 10.5 Mt
Annual ore throughput
The Company implemented a large-scale exploration program and acquired a new license
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RUB 7.2 B
Dividends for 2020
The Company paying persistently high dividends amounting to 40% of the IFRS EBITDA.
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Financial Performance
| 2019 | 2020 | Y-o-Y, % | |
|---|---|---|---|
| Gold sold, koz, including |
242 |
276 | 14% |
| Bar gold, koz |
226 |
245 | 8% |
| Gold in the gravity and flotation concentrate, koz |
10 |
29 | 2.8x |
| Average refined bar gold selling price, USD /oz | 1 372 | 1 701 | 24% |
| Revenue, M USD, including: |
335 |
471 | 41% |
| Revenue from gold sales, M USD |
316 |
430 | 36% |
| Revenue from concentrate sales, M USD |
16 |
38 | 134% |
| Operating profit, M USD |
75 |
199 | 2.7x |
| Net profit, M USD |
72 |
137 | 90% |
| Adj. EBITDA, M USD |
120 |
248 | 2.1x |
| Adj. EBITDA margin, % |
36% |
53% | 17 p.p. |
| Net cash inflow from operations, M USD |
13 |
212 | 16.4x |
| Capital expenditures, M USD | 109 | 100 | 9% |
| Total cash cost (TCC), USD /oz |
723 |
694 | (4%) |
| All-in sustaining cash cost (AISC), USD /oz |
936 |
822 | (12%) |
Financial Position
| 2019 | 2020 | Y-o-Y, % | |
|---|---|---|---|
| Cash and cash equivalents, M USD | 34 | 28 | (16%) |
| Net debt, M USD | 202 | 191 | (6%) |
| Net debt/EBITDA, х | 1.69x | 0.77x |
Operating Highlights
| 2019 | 2020 | Y-o-Y, % | |
|---|---|---|---|
| Ore mined, kt | 11,341 | 8, 665 | -24% |
| Ore processed, kt | 9,986 | 10,500 | 5% |
| Total refined gold production, koz | 260 | 272 | 5% |
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.