GeoProMining Announces 1H 2011 Results

Posted on Nov 28, 2011 in Company news, News and Press releases

IFRS results of the GeoProMining Group in the first half of 2011

28 November 2011, Moscow

GeoProMining Group (“GPM”), a diversified international mining group, announces select unaudited IFRS financial results for the six months ended 30 June 2011. Consolidated revenue increased 50%, compared to the six months ended 30 June 2010 to USD 181.8 mln and EBITDA amounted to USD 75.0 mln (up 87% y-o-y).

    IFRS results for GPM are provided in the tables below:

    Key financial highlights

    USD mln, unaudited 1H 2011 1H 2010 Change, %
    Revenue 181.8 120.9 50%
    EBIDTA 75.0 40.1 87%

    Key operating highlights

    Units 1H 2011 1H 2010 Change, %
    Gold Koz 65.9 65.1 1%
    Copper t 6,351 6,473 (2%)
    Antimony t 2,643 1,520 74%
    Molybdenum t 135 95 42%
    Silver Koz 113.7 48.6 134%

Commenting on the results, GPM CEO Roman Khudoliy said:

“We are pleased to report strong financial and operational performance in the first half of the year, with attractive fundamentals across all of our key metals.

“Having built our business through a series of successful acquisitions, we continue developing and upgrading these assets through an ongoing investment programme. We are committed to further enhancing our profitability and maintaining our competitiveness by improving our overall operating efficiency and production capacity.”

Press contacts:

Natalia Yanborisova

Tel: +7 (495) 232 6120

Email: ny@geopromining.com

About GPM:

GeoProMining, founded in 2001, is an international, privately held company with a diversified base of gold and other metals assets. GeoProMining engages in mining activities in Armenia, Georgia and the Russian Federation.