25th Apr 2019 09:50
LONDON (Alliance News) - Highland Gold Mining PLC reiterated 2019 guidance on Thursday following a strong increase in first-quarter production.
Highland Gold, which mines in Kyrgyzstan and the Far East of Russia, reported a 21% rise in gold and gold equivalent production for the three months to March, reaching 71,961 ounces.
At the Mnogovershinnoye mine, production rose 58% year-on-year, at Belaya Gora it climbed 31% due to better volumes and recoveries, though at Novoshirokinskoye lower grades and recoveries led to a 28% fall.
The 21% group increase includes the recently acquired Valunisty mine, and without this, output was up just 9% on the year prior.
Following this performance, Highland Gold reiterated 2019 production guidance of 290,000 ounces to 300,000 ounces of gold and gold equivalent. In 2018, it produced 269,500 ounces.
Shares were 0.8% higher on Thursday at a price of 163.80 pence each.
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