Buryatzoloto boosts IAS net profits 34%
MOSCOW. Dec 17 (Interfax) - Buryatzoloto, a major gold producer from the internal Russian republic of Buryatia,
reported net IAS profits up 33.9% year-on-year from $5.116 million to $6.853 million in January-September on the back of
increased sales, Alexander Balabanov, chairman of the board of directors, told Interfax.
The company, whose biggest shareholder is Canada's High River Gold Mines Ltd., sold 116,892 Troy ounces or 3.636
tonnes of gold at $352/oz, compared with 114,115 ounces at $302/oz in January-September 2002, Balabanov said.
Sales revenue grew from $34.44 million to $41.15 million. Buryatzoloto again sold all of its gold to commercial
banks.
The company produced 3.478 tonnes of lode gold in January- September 2003, slightly below the 3.848 tonnes it
achieved in the same period of last year, because it processed slightly leaner ore.
Buryatzoloto develops two gold lodes, Irokinda and Holba. The company also produces around 100 kg of placer gold per
year, at the Leninsky Kochei deposit.
Buryatzoloto mined 4.77 tonnes of gold in 2002, 4% more than in 2001. It plans to sustain gold production this year.
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