The net profits of the company Buryatzoloto in the first quarter of 2010 was RUR 406.7 million, representing an increase of 70 percent compared to the previous quarter. In the last quarter of 2009, the company incurred RUR 311.6 million in losses.

The increase in profits is attributable to the amortization of intangible assets of RUR 123.9 million and the accumulation of loan impairment in the amount of RUR 544.4 million.

The company Buryatzoloto is engaged in developing the Zun Holda and the Irokinda gold deposit located in the Novofirsov ore field in Buryatia.

Buryatzoloto is 84.9-percent owned by High River Gold that is in its turn controlled by Severstal. The raw materials arm of Severstal is Severstal Resource, which consists of divisions for iron ore, coal, and gold.