Tuesday, January 22nd 02:43 PM IST

Nord Gold output falls in 2012, to gain in 2013

# Nord Gold  # Russia gold  # gold equivalent ounces (koz)  

For 2013 it expects production to be in the range of 770,000 to 850,000 ounces with an expected to gain between 7.4%-18.5%.

LONDON(BullionStreet): Nord Gold anounced production cut in 2012 but expects a better performance this year.

The London listed Russian company in a statement said gold production fell 5 percent in 2012 mainly due to mechanical bottlenecks which impacted production.

Fourth quarter gold production fell one percent on the same period the previous year. Gold production for 2012 was 716,900 ounces.

Revenue for the year rose one percent to $1,2 billion. For 2013 it expects production to be in the range of 770,000 to 850,000 ounces with an expected to gain between 7.4%-18.5%.

Nord Gold is Russia's third-largest gold producer, and also has operations in Kazakhstan and West Africa. It is controlled by businessman Alexei Mordashov.

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