Gold mining operator Nordgold, a former subsidiary of Russia’s second largest steel-maker Severstal, saw its net results skyrocketed by 89% in 2011. The leap came as a result of increased production and higher gold prices.

After separating from its former parent company Severstal in December, Nordgold now reports in its first independent statement a significant growth of all key financials for 2011. The Company’s net profit stood at $252 million last year, compared to $133 million posted in 2010. Revenues were also up 57% year on year to reach $1.18 billion.

“Among the reasons for such top-rank growth we can distinguish two major factors – a 28% increase in gold production to 754 tons, and a significant price rise last year,” said Pavel Emelyantsev of Investcafe.