In January-March Vysochaishy increased net profit by 30% under ras

16 May 2016

Vysochaishy JSC (GV Gold) in the first quarter of 2016 got net profit of 2 billion rubles under RAS, which is 30% more than the same period last year, according to the Company's report. Profit before taxation amounted to 2.503 billion rubles (30%), sales profit - 2.394 billion (up 19.6%). Vysochaishy, in January-March 2016 compared to the same period last year, increased its revenues by 15.9% to 3.691 billion rubles, the proceeds from gold sales reached 3.685 billion (an increase of 16%). Cost of sales increased by 7.5% to 1.11 billion. For three months of 2016 the Company processed 1.092 million tons of ore and produced 1,268 tons of gold, including from the ore of deposits GoletsVysochaishy – 1,264 tons, spoil heaps of GoletsVysochaishy - 3.99 kg, depositOzherelie - 0.3 kg. The cost of refining services rendered to the Company by Krastsvetmet OJSC, in January-March amounted to - 7.018 million rubles (without VAT). In 2015, Vysochaishy JSC processed 4,449,000 tons of ore (growth 4%), extracted 5.21 tons of gold (1.5% decrease). In the current year it is planned to maintain production at the level of 2015. Since 2018, Vysochaishy is planning to increase the design capacity of the processing complex of up to 6 million tons of ore per year. This growth will be provided by the commissioning of gold recovery plant No. 5 with a capacity of 2.6 million tons of ore per year at the Ugahan field and expansion of the existing recovery plant 4 up to 300 thousand tons of ore per year in the field Ykanskoye. The total gold production at that time should be about 6.2 tons (198 k oz) per year. At the end of the first quarter of 2016 the Company performs the construction work on the main objects of the future Mining Ugahan. Vysochaishy JSC is in the Top-10 largest Russian gold producers. Mineral resources (according to JORC) of the Company amount to 338 tons (10.9 million ounces) of gold, exploration potential - 753.7 tons (24.2 million ounces). The Company operates four gold plants with a total capacity of about 5 million tons of ore per year.

Source: Economical Information Agency "PRIME"