Fitch upgrades Nord Gold

Fitch Ratings said it upgraded gold mining company Nord Gold plc's (Nordgold) long-term issuer default rating to BB+ from BB.

“The upgrade reflects our expectations that Nordgold will maintain its funds from operations (FFO) gross leverage at a low level following reported gross debt reduction to below $0.5 billion from $1 billion during 1H21,” the agency said in a press release.

Fitch said it forecasts Nordgold's gold output to reach 1.1 million ounces (oz) from 2024 up from 1 million oz in 2020 as its expansion in the Gross district in Russia's Yakutia more than offsets the gradual phase-out of the Taparko and Berezitovy mines.

The outlook is stable.

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