17 September 2003 23:28
High gold prices boost Buryatzoloto mining company`s H1 profits 26%
MOSCOW. Sept 18 (Interfax) - High gold prices have swollen IAS net profits at Russia's Buryatzoloto mining
company almost 26% year-on-year to $3.836 million in the first half of 2003, this despite a slight drop in gold
production and higher operating costs.
The company's gold sales were $26.756 million (2.405 tonnes), compared with $23.237 million (2.416 tonnes),
Alexander Balabanov, chairman of the board of directors, told Interfax. The price of gold rose 15.7% year-on-year to
$346 a Troy ounce, Balabanov said.
Buryatzoloto produced 2.307 tonnes of gold during the half, according to adjusted figures, down 2.7% year-on-year.
The cash cost of producing gold grew 5.8% to $182 an ounce, though. Production fell because the company processed leaner
ores.
Buryatzoloto, which lists Canada's High River Gold and the European Bank for Reconstruction and Development
(EBRD) among its shareholders and is based in the Russian internal republic of Buryatia, had net profits of $3.046
million in the first six months of 2002.
Buryatzoloto is drafting a feasibility study for the Berezitovoye gold-polymetals project in the Amur region, which
is wholly-owned by High River Gold. [RU ASIA EUROPE EEU EMRG GOL GDM RES CORA] PR <>
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