Like peers, the company was hit hard by the fall in the gold price last year, and it started restructuring and cutting costs in an effort to return to profitability.
Those efforts paid off as it reported a
It cut its average cash costs by 26% on the year to
Still, revenue declined as its average realised gold sales price was
It had booked
"The backbone of our performance lies in operational efficiencies, which ultimately resulted in a circa 4% year-on-year increase in total gold production, in spite of a continuing decline in the contribution from the mature Pokrovskiy mine and weaker performance at Pioneer. These factors were offset by the almost doubling of production at the Albyn mine, which is now delivering on its original production targets," the company said in a statement.
It maintained its full-year production target at 625,000 ounces, but said its cash costs per ounce are expected to be at the lower end of guidance of between
It also kept its capital expenditure programme for the year as a whole at about
It said it is still targeting net debt of about
"In line with its refinancing plan, the company has made contact with the majority of the holders of its convertible bonds and carried out preliminary consultations which are expected to form the basis of the group's final proposal in respect of a refinancing, which the company is currently developing, it said in its statement.
"The company has also made significant progress in discussions with its senior lenders on the relaxation of certain covenants in the group's banking facilities," it added.
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