Nordgold has posted negative 2012 results despite an 8 percent increase in global gold prices.

      Controlled by Russia’s billionaire Aleksey Mordashov, the miner showed weaker performance in 2012 in terms of EBITDA and output, which declined 14 percent to $493 million and 5 percent to 716.9 thousand ounces, respectively.

      Total cash costs amounted to US$836 per ounce, up 22 percent on 2011 figures.

      Full-year earnings were up 1 percent totaling $1,197.9 million but the company admits that the growth was mainly driven by higher gold prices.

      Despite 2012 sluggish financials, Nordgold’s Board of Directors proposed to pay $44.6 million in dividends.

      The company operates in Russia, Kazakhstan, Guinea and Burkina Faso.