LONDON (Alliance News) - Highland Gold Mining Ltd Wednesday said its gold production increased in 2013 following increased volumes, upgrades and a new plant coming into operation.
The exploration-and-development gold mining company, co-owned by Russian billionaire Roman Abramovich with operations in eastern Russia, said production of gold and gold equivalents rose 8% to a record 233,696 ounces in the full-year 2013.
The company said it achieved positive production rates from its Mnogovershinnoye, Novoshirokinskoye and Belaya Gora mines.
The Mnogovershinnoye mine achieved a total of 76,263 ounces of gold in the company's second-half 2013, in line with its targets following increased volumes and a strong recovery rate which averaged 92%.
The Novoshirokinskoye mine increased production 22% to 44,727 ounces in the second-half compared to the first-half after an upgrade to the milling circuit increased efficiency.
The Belaya Gora mine plant construction was completed in the second-half of 2013 and operating in testing mode the plant produced 7,077 ounces of gold.
Highland Gold said its production for the full-year 2014 is expected to increase to between 300,000 and 320,000 ounces of gold and gold equivalents.
Highland Gold shares were up 0.4% to 61.75 pence Wednesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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