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GV Gold Operating Results for FY 2021

GV Gold (Vysochaishy, PJSC), ”), one of the largest and fast-growing gold mining companies in Russia, along with its subsidiaries (hereinafter referred to as “GV Gold”, “Vysochaishy” or “the Company), hereby releases its operating results for the year ended December 31, 2021.

FY 2021 Highlights

  • Total gold production reached 276 koz (including gold in concentrate), up 2% year-on-year.

  • The most substantial contribution to the total performance was made by the Taryn mine strategic growth project. The enterprise reached a new level of development increasing production by 48% to 94.7 koz of gold, including gold in concentrate.

  • In the past year the main focus was on improving all assets’ operating efficiency, which made it possible to significantly improve overall mining performance figures at GV Gold.

  • Based on the Company’s updated JORC-compliant estimate, as of 01.01.2021, GV Gold’s Proven and Probable reserves are estimated at 5.3 Moz of Au, and Measured, 10.8 Moz of Au.

  • In 2021, the Company acquired the prospective Maltan area site with high gold values and significant resource potential for ore and placer gold. GV Gold also expanded the geological portfolio of the Irkutsk business unit, ensuring the Company's organic growth in the region for many years to come.

  • The Board of GV Gold adopted the resolution to start preparation activities for the construction of new mining operations at the Svetlovsky Mine. In 2021, the Company also commenced the design phase for the Svetlovsky Mine.

  • 2021 Revenue from sales of refined gold and gold in concentrate is estimated at USD 440 million.

  • The Company’s 2021 IFRS consolidated financial statements are expected to be released in early March 2022.

  • The Lost Time Injury Frequency Rate (LTIFR) decreased to 0.18 from 0.35 in 2020.

  • The Company continues to take measures to prevent the spread of the COVID-19 virus and keep all employees safe, which allows to maintain uninterrupted production at all its facilities.

2022 Guidance

  • In 2022, the Company expects to produce 285–295 koz of gold.

  • GV Gold will continue to implement its organic growth programme aimed at improving the quality of existing assets and optimising costs through improved operating efficiency.  

  • At the Svetlovsky project the Company intends to acquire mining-and-hauling machinery and equipment and start of construction of infrastructure facilities including an all-season road, the mine camp, and to install overhead power lines.

Statement from CEO German Pikhoya:

“The safety of our employees in the face of the ongoing threat of the COVID-19 spread remained our absolute priority in 2021. We continue to take all necessary measures to eliminate all risks of the disease at work, providing a "clean (disease-free) zone" at the mine camps.  

I am pleased to inform you that in 2021, the Company managed to increase its gold production despite the challenging epidemiological situation, large-scale fires in Yakutia and related interruptions in energy supply of the enterprise. Among other things, the Taryn mine achieved +48% production growth following the completion of a comprehensive program for open-pit reconstruction and processing plant modernization. We will continue to work on improving operational efficiency at all business units.

The Company has begun a new investment cycle and we have several years of intensive works ahead of us - to implement a number of strategic development projects and to carry out active geological exploration works at a new promising site - the Maltan area in Yakutia.

Driven by the concerted efforts of all business units of GV Gold, we are confidently moving forward towards our goal - to become one of the five largest gold mining companies in Russia”.


The full text of the press release is available here.