LONDON (Alliance News) - Highland Gold Mining Ltd on Monday reported a decrease in first-quarter production after issues across its three producing assets in Russia.
Overall production in the three months to March was 59,311 ounces of gold and gold equivalent, down 9% from the same period a year earlier's figure of 65,243 ounces.
Highland has three producing projects: Mnogovershinnoye (MNV), Novoshirokinskoye (Novo), and Belaya Gora. MNV is in the Khabarovsk region, as is Belaya Gora, and Novo is in Zabaikalsky region.
Output at the first of these was hit by technical issues towards the end of 2017, which were only resolved in early March. Production at Belaya Gora was impacted by "seasonal" technical issues but these are also now sorted, and production at Novo was down due to lower recoveries despite more ore being mined.
MNV total gold produced fell to 19,359 ounces from 24,185 ounces. Belaya Gora gold output was down to 8,977 ounces from 9,527 ounces and Novo was down to 30,975 ounces from 31,531 ounces.
Despite the fall in production, Highland nevertheless reiterated its 2018 gold and gold equivalent production guidance of between 265,000 ounces and 275,000 ounces.
Shares were down 2.4% on Monday at 148.00 pence each.