Nordgold Quarterly Sales Rise 8% as Prices Balance Output Drop

Nordgold NV (NORD), Russian billionaire Alexey Mordashov’s gold producer, said first-quarter sales rose 8 percent as prices gained, compensating for a declining output.

Revenue climbed to $264 million from $244 million a year earlier, the company, which was spun off from steelmaker OAO Severstal earlier this year, said today in a regulatory filing.

Output fell 11 percent to 155,700 troy ounces from 174,200 ounces in the same period a year earlier, according to the statement. Nordgold’s sales volumes fell 10 percent to 156,200 troy ounces of the precious metal.

To contact the reporter on this story: Ilya Khrennikov in Moscow at ikhrennikov@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net

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