HGM.L Share News (HGM)

Russian gold miner Highland Gold Mining said, for the year to 31 December 2011, 184,102 oz of gold and gold equivalents were produced from the Mnogovershinnoye, Novoshirokinskoye and Belaya Gora mines.In its update for the second half of 2011 the group said a total of 71,938 ounces of gold were produced from the combined open pit and underground operations at MNV.Highland Gold said 14,353 oz of gold and gold equivalents were being produced at Novo in the second half of 2011. Operations saw minor improvements in both underground mining as well as ore tonnes processed achieving 220,390 tonnes ore throughput during the second half, it said. Highland Gold also said it had increased its ownership in Novo to 96.6% and the construction of the second phase stand-alone processing facility at Belaya Gora had started following approval by state authorities.It expects to produce 200,000-215,000 oz of gold from its main mines for the year to 31 December 2012.The group had cash and cash equivalent of US$127.5m at 31 December 2011An interim dividend payment of 5p per share was made at the end of the third quarter 2011.