LONDON (Alliance News) - Highland Gold Mining Limited said on Wednesday its gold production was up for the full year ended December 31, narrowly missing its guidance due to disappointing grades at its Belaya Gora site.
The Russian gold miner reported production of 262,495 ounces of gold and gold equivalents in 2015, which, although up 1.4% versus the previous year, meant it missed its production guidance of 270,000 ounces. This was following lower-than-expected grades at the Belaya Gora site in the second half of the year.
In a trading update, the company said its Novo site performed particularly well over the year, with its ore processing rising to 691,284 tonnes for the year, up 19% from 582,822 in 2014.
Highland said it expects similar production figures in 2016, with the natural decline at its Mnogovershinnoye site offset by improvements at Balaya Gora in the second half of the year. The company gave a guidance of 155,000 ounces to 265,000 ounces of gold and gold equivalents.
Highland shares were down 0.8% at 53.55 pence on Wednesday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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