GV Gold May Pay RUB 3B of Dividends for H1 2020
GV Gold (Vysochaishy, PJSC), one of the largest and the fastest growing Russian gold mining companies, intends to pay RUB 3b for H1 2020.
The Board of Directors has recommended the Extraordinary General Shareholders Meeting to make a decision on payment of the dividends for the first half of 2020 in cash in the amount of RUB 54.561436086 per share or RUB 3B in total. Approval of the recommended amount will be record-breaking for the Company, and in the first half of the year it will already exceed the total amount of the dividends paid for 2019 – RUB 2.3B (RUB 42.205982519 per share).
In 2020, all assets of the Company are demonstrating a consistent growth of the production. In H1 2020, the Company produced 145 koz (4.5 t) of gold, an increase of 27 % resulting from the operating efficiency improvement actions. The Company’s revenue in that period increased to USD 236 M (+80%). The main financial highlights improvement factor, aside from the larger tonnage of gold sales, was the growth of the USD gold price.
In 2020, the Company plans to produce 290 koz (9.0 t) of gold.
GV Gold (Vysochaishy, PJSC) is one of the fastest growing Russian gold mining companies. It develops open pit deposits and washes gold at the country’s largest alluvial deposit. In 2019, its assets produced 260 koz of gold.
GV Gold’s key operating assets are located in the Irkutsk Region and the Republic of Sakha (Yakutia). The Company operates four mines with a total capacity of 8 Mtpa of ore and holds 20 mining and exploration licenses. GV Gold boasts an extensive resource base, with JORC reserves and resources estimated at 4.4 Moz and 7.0 Moz, respectively.
The Company adheres to high corporate governance standards and has a transparent ownership structure, with BlackRock among its shareholders (17.99%).