12th Aug 2014 10:19
LONDON (Alliance News) - Highland Gold Mining Ltd Tuesday said total gold and gold equivalent production rose 13.7% in the first half of the year, and it is maintaining its guidance for total gold production in the full year.
Highland said it would maintain its full-year production guidance at 300,000 ounces of gold and gold equivalents, after production in the first half rose to 120,121 ounces. That number includes the combined contributions from its Mnogovershinnoye, Novoshirokinskoye and Belaya Gora mines.
The company said Novoshirokinskoye operated to budget expectations in the first half and said annual mull throughput at the mine is expected to hit 550,000 tonnes of ore by the end of the year. It will invest in new flotation equipment in the second half in order to maintain current gold grade and recovery rates.
At Mnogovershinnoye, the company said it expects a rise in production volumes in the second half as mining starts at the Valunistoye and Vodorazdelnoye ore bodies, which Highland said contain higher gold grades. It expects a similar rise in production at Belaya Gora for the same reasons.
Highland shares were down 0.2% to 68.875 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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