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Highland Gold impresses as lower costs boost earnings

Wed, 23rd Apr 2014 15:04

AIM-listed Highland Gold Mining has recommended a final dividend of 2.5p per share, making a total distribution of 5p for calendar 2013. The Russia-focused group said production rose 8% to a record 233,696 oz of gold and gold equivalents from its three mines, while the group resource was increased 32% to 17.3m oz. Earnings per share of 16.7 cents impressed analysts as total cash costs were cut more than expected from $671 to $611 per oz, as the group fought to remain competitive versus its peer group.The target for total production in 2014 is expected to increase to more than 300,000 oz of gold and gold equivalents, primarily on the back of the ramp-up at Belaya Gora.Broker Westhouse said earnings were above its forecasts but resulting net debt of $251m was slightly higher than forecast.Shares in Highland Gold were up 0.73% to 68.75p by 14:50 on Wednesday

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Highland Gold slashes interim dividend as profit plunges on lower gold prices

(ShareCast News) - Highland Gold Mining posted a sharp fall in interim profit, as higher sales and lower costs failed to offset a decline in gold prices. In the first six months of 2015, the Russia-focused miner posted a 43.5% year-on-year decline in pre-tax profit to $16.6m (£10.88m), while revenue

23 Sep 2015 07:16