(REUTERS) -- Russian steelmaker Severstal's Nord Gold mining unit expects to achieve core earnings of $550 million to $600 million this year, Chief Executive Nikolai Zelenski said during a conference call with analysts on Friday.

Prices are too volatile right now to make a perfect prediction, but most certainly it would be in the range of $550-$600 million, Zelenski said.

The company earlier said its earnings before interest, taxes, depreciation, and amortisation was $379 million in the first nine months of the year, up from $250 million a year ago.

Zelenski also said that Nord Gold sees 2012 capital expenditures of $450 million to $475 million, compared to $320 million this year.