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Highland Gold Mining Ltd

Highland Gold production climbs 9.5pct

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Highland Gold Mining (LON:HGM) reported that it remains on track to produce 200-215,000 ounces of gold this year after seeing its production rise 9.5 percent in the first half.

The Russia-focused group – which is part owned by billionaire Chelsea owner Roman Abramovich – said total production from its Mnogovershinnoye, Novoshirokinskoye and Belaya Gora mines reached 101,900 ounces in the first half.

The average gold sales price climbed 13 percent from a year earlier to US$1,641/oz.

Other highlights of the period included a 16 percent increase in the company’s JORC standard compliant resources to 12.9 million ounces through exploration and acquisition.

Highland said production ramp up at Novo resulted in a six percent increase in processed tonnes and that the construction of the Belaya Gora stand-alone processing facility remains on track for commissioning in the final quarter of the year.

Meanwhile, exploratory drilling and trenching at the Blagodatnoye prospect continued to return positive results with an increased mineralised zone developing along strike and at depth.

After the end of the year, the company expanded its asset base by purchasing the Klen and Verkhne-Krichalskaya licences with initial gold production scheduled for 2015.

 

Quick facts: Highland Gold Mining Ltd

Price: £2.14

Market: AIM
Market Cap: £779.35 m
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