Output drops 5pc at Nord Gold

Nord Gold, the gold unit spun off from Russian mining group Severstal in 2011, said yesterday its gold production for last year fell five per cent to 716,900 ounces. The gold miner blamed mechanical issues which hampered production in the first half of last year. Output for this year is expected to be in the range of 770,000 to 850,000 ounces. Revenues for the 12 months edged up one per cent to $1.2bn (£756m), Nord Gold added.