LONDON (Alliance News) - Highland Gold Mining PLC on Thursday affirmed its annual production guidance, as third-quarter output from its Russian mines rose 4.4% year-on-year.
For the three months to September 30, Highland Gold's production was 74,826 ounces of gold and gold equivalent, 4.4% up on the same period a year before.
Highland Gold's output for the first nine months of 2018 stood at 203,747 ounces of gold and gold equivalent, marginally up from 203,552 ounces for the year-ago period.
Highland Gold's three producing mines are Mnogovershinnoye, Novoshirokinskoye, and Belaya Gora. Belaya Gora and Mnogovershinnoye are in Russia's Khabarovsk region, with Novo in Zabaikalsky.
At Mnogovershinnoye, gold production rose 17% year-on-year to 31,942 ounces in the third quarter from 27,376. At Belaya Gora, it was 12,677 ounces, up from 12,280 ounces, while at Novo gold production fell slightly to 30,207 ounces from 32,111 ounces due to lower recoveries and grades.
The miner has affirmed its 2018 gold and gold equivalent production guidance for 2018 at between 265,000 ounces and 275,000 ounces. In 2017, the figure was 272,274 ounces.
Shares were 0.8% higher on Thursday, last quoted at 145.60 pence each.