Market News & Analysis

Nord Gold reveals rising profits despite gold price drop

Nord Gold's latest financial results have showed profits are up for the firm, despite the price of gold falling.

The company announced that it made a profit of $325.3 million (£203 million) for the third quarter of the year, up one per cent on the previous three months.

Higher production volumes helped the firm to record an 11 per cent rise in revenues to $942.4 million for the first nine months of the year.

A statement from Nord Gold revealed that total cash costs were improved at eight of its nine mines over the course of the quarter.

"We continue to implement cost optimisation programmes at all of our assets," said the firm.

The falling value of gold has had a negative impact on a lot of companies in the mining sector in the last few weeks.

Gold's value dropped to a new three-week low earlier in the month as investors moved away from the safe haven as the global economic picture improves.

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