(Alliance News) - Highland Gold Mining Ltd on Tuesday said it edged past its annual production guidance in 2019, helped by output at the Mnogovershinnoye mine in Russia exceeding expectations.
In the fourth quarter to December 31 alone, production from Highland's four operating mines totalled 83,429 ounces of gold equivalent, a 27% year-on-year rise from 65,753 ounces of gold equivalent.
For the whole of 2019, output came in at 300,704 ounces of gold equivalent , a 12% annual rise from 269,500 ounces and slightly above Highland's production guidance range of 290,000 ounces and 300,000 ounces.
Highland Gold said: "Mnogovershinnoye outperformed expectations, with production up 9% in the fourth quarter and 10% for the full year on the back of improved grades and higher processing volume.
"Novo also exceeded its production targets for 2019, with improved fourth quarter production making up for a weaker first half, although output was lower year-on-year."
Novo output was 5.3% lower year-on-year and at Belaya Gora and Valunisty, both also in Russia, production was down 9.1% and 20%, respectively.
For 2020, Highland expects no production growth, tipping output to fall within a 290,000 and 300,000 ounces guidance range.
The company also announced that Chief Operating Officer Anton Kim will leave the company, effective Friday, "to pursue other opportunities".
Sergey Baikalov will take over as COO on a temporary basis, Highland said. Baikalov currently oversees Highland's operations in the Khabarovsk region of Russia, which includes the Mnogovershinnoye and Belaya Gora mines.
Highland added: "The board and management will conduct a thorough search to find the strongest available candidate to fill the vacancy on a permanent basis."
Highland shares were 0.9% higher at 184.90 pence each in London on Tuesday morning.
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.