(Alliance News) - Highland Gold Mining Ltd on Thursday reaffirmed its full-year production guidance after reporting a slight increase in the third quarter, saying production plans are heavily weighted to the latter part of the year.
The Russia-focused gold miner said total gold and gold equivalent production in the third quarter ended September 30 was up 0.8% to 75,610 ounces from 75,038 ounces a year before.
Production, sales and supply chain were not materially affected by the Covid-19 pandemic in the third quarter, Highland Gold said.
Total gold & gold equivalent production was down 7.6% in the nine months to September 30 to 200,383 ounces from 217,298 ounces a year prior.
Highland Gold reaffirmed its full-year guidance for gold & gold equivalent production of between 290,000 ounces and 300,000 ounces, saying that production plans are heavily weighted to the latter part of the year.
Mnogovershinnoye, Belaya Gora and Valunisty, all in eastern Russia, met or exceeded their production targets for first nine months of the year, balancing out a small shortfall at Novoshirokinskoye, on the border of Mongolia, due to lower grades.
Construction progressed on the expansion projects at Novoshirokinskoye and Belaya Gora, with Belaya Gora on track for completion this year and Novoshirokinskoye now planned for completion in the first quarter of 2021, the company said.
Highland Gold added that construction continued at Baley ZIF-1 tailings heap leach project in eastern Siberia. The project is now expected to produce first gold in 2021 which is earlier than previous guidance the company said.
Highland Gold shares were trading flat at 299.60 pence each in London on Thursday morning.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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