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Total production rises for Highland Gold

Wed, 27th Jan 2016 14:29

(ShareCast News) - Total gold production was up at Highland Gold in 2015, though lower than expected grades resulted in some disappointments, according to a trading update from the company on Wednesday.The AIM-traded mining firm saw total production at Mnogovershinnoye, Novoshirokinskoye and Belaya Gora for the full-year to 31 December of 262,495 ounces of gold and gold equivalents, a 1.4% increase over 2014.Its average realised gold price during the year was $1,154 (£806.87) per ounce.The company's board did see "lower than expected grades at Belaya Gora" in the second half, resulting in a shortfall there against its full-year production guidance of 270,000 ounces.Its processing plant operations at Belaya Gora were continuing, "with recovery rates averaging 74.9% in the second half, a 13% increase year-on-year", the board said.It outlined that phase two of plant construction and equipment installation was completed during the period, and the design of the solid waste landfill was approved by regulatory and environmental agencies.Highland Gold's Novoshirokinskoye operation saw "steady performance in 2015, with ore processing rising to 691,284 tonnes for the full year, a 19% increase from 582,822 in 2014".The board said a pre-feasibility study had been initiated on major operational upgrades to potentially nearly double the current mine production and mill throughput.In other areas, geotechnical studies, pre-design surveys and calculations for the selection of a processing flowsheet was completed at Kekura, and the company began the preparation of a scoping study for the Baley Ore Cluster Projects."Total production of gold and gold equivalents in 2016 is expected to remain stable at 255,000-265,000 ounces as the natural decline at Mnogovershinnoye is offset by improvements at Belaya Gora in the second half", the board concluded.
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28 Mar 2013 15:50

FACTBOX-Russian goldminers' expansion plans

MOSCOW, March 28 (Reuters) - Russia's largest gold mining company Polyus Gold announced delays to its Natalka development project on Thursday, indicating possible slower production growth in Russia, the world's fourth-largest gold producer. Natalka, a large mine in Russia's Far East, is now

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13 Mar 2013 08:28

Wednesday broker round-up UPDATE

Afren: UBS raises target price from 160p to 200p and reiterates a buy recommendation. African Barrick Gold: Westhouse Securities reduces target price from 255p to 195p and keeps a sell recommendation. Antofagasta: Deutsche Bank lowers target price from 1260p to 1150p, while staying with its hold r

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10 Dec 2012 07:16

Highland Gold buys rights for new mine in Mnogovershinnoye

AIM-listed mining company Highland Gold Mining has acquired a license for exploration and mining rights for the Western Flank, a property located adjacent to the company's existing Mnogovershinnoye mine operations in Russia. The acquisition resulted from an open auction held on December 6th in the

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29 Nov 2012 07:27

Thursday broker round-up UPDATE

Aberdeen Asset Management: Morgan Stanley raises target price from 365p to 375p; keeping an overweight rating. ASOS: Societe Generale raises target price from 2500p to 2530p and reiterates its hold recommendation. Babcock International: UBS downgrades from buy to neutral. Barratt Developments: HS

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19 Sep 2012 08:45

Highland Gold net profit tumbles

Russian gold miner Highland Gold said first half net profit fell to 45m dollars from 70.3m dollars a year earlier while pre-tax profit fell by a third due to the higher cost of sales. The group said that it remains on track to produce between 200,000 ounces and 215,000 ounces of gold and gold equiv

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10 Aug 2012 12:46

Resources round-up: Mercury Recycling, Highland Gold Mining, Mariana Resources

It sounds like something from a Sherlock Holmes novel, but a letter from a lawyer claiming to be acting for a South African tribe has caused a big drop in the share price of iron ore explorer Mercury Recycling. Mercury is buying a site owned by Sylvania Platinum in the Northern Limb of the Bushveld

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16 Jul 2012 15:52

ASOS Product Director sells stake in firm

Robert Bready, the Product Director of online fashion store ASOS, has sold all his ordinary shares in the firm, less than a week after the company unveiled a strong first quarter. Bready, who begun his career at the High Street fashion River Island, pocketed himself £2.6m after trading in 143,125 s

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12 Jul 2012 11:50

Resources round-up: Highland Gold, Rialto, Chaarat...

Highland Gold Mining has completed its acquistion of Klen, which holds the mining and exploration rights to the Klen gold deposit and the adjacent Verkhne-Krichalskaya property located in the Chukotka autonomous region in north-eastern Russia. The company is planning to mine the deposit by open pit

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24 Apr 2012 10:26

Highland Gold production misses revised targets

Russia-focused precious metals producer Highland Gold Mining says bad weather and declining ore quality resulted in reduced production during 2011. The company's latest results show the group produced 184,102 ounces of gold last year, down significantly on the 200,028 ounces produced during 2010 an

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14 Feb 2012 06:58

Tuesday tips round-up: Helical Bar, Highland Gold, Barclays

In the Times the Tempus column runs the rule over property firm Helical Bar and decides it does not really measure up. In the last three months of last year 13 of the group's tenants went out of business or failed to renew their rents, cutting income by over £700,000, and there's the rub for inves

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13 Feb 2012 11:07

"Non core" Highland Gold cut adrift by Barrick

Barrick Gold is to sell its stake in the Russian gold producer Highland Gold Mining. The announcement has seen Highland's share price drop sharply in morning trading. Highland says Barrick now sees its 20.4% stake as "non-core" to its activities and has enlisted HSBC to coordinate the sale. The va

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30 Jan 2012 07:15

Highland Gold produces 184,102 oz of gold in 2011

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 pr

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14 Nov 2011 13:35

Highland Gold falls on production downgrade

Highland Gold Mining lost 16p on its share price after reporting that its production guidance for the year to 31 December has been revised lower. The firm reduced its predictions to 190,000-200,000oz of gold and gold equivalents from the previously announced 210,000-220,000oz, mainly due to a requ

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17 Aug 2011 06:34

Wednesday tips round-up: Menzies, Highland Gold, Vitec

John Menzies may be remembered as a rival newsagent to WH Smith, but the company has spent the past decade transforming itself into an airline services business. The Edinburgh company's first-half results proved to be a landmark date in that transition, as it was the first time that profits at its c

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27 Apr 2011 14:04

Highland announces an increase in its exploration budget

Gold producer Highland Gold Mining has today announced results for the year ended on the past 31st of December 2010. The company has informed of a 47.8% increase in its revenue, to $243m, and a 112% rise in its EBITDA, to $121.3m. Particularly noteworthy, the firm's net cash inflow from operations

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