Bloomberg News

Nordgold Cuts 2012 Production Target 10% on Africa ‘Bottlenecks’

July 18, 2012

Nordgold NV, billionaire Alexey Mordashov’s mining company, cut its 2012 output target by about 10 percent because of “production bottlenecks” at mines including Taparko and Lefa in West Africa and Berezitovy in Russia.

The target was reduced to 720,000 to 770,000 ounces, Nordgold said in a statement today. That’s about 10 percent below the midpoint of the earlier guidance of 800,000 ounces to 850,000 ounces provided on April 24.

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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