(Alliance News) - Highland Gold Mining Ltd in Monday affirmed its production guidance for 2019, following a rise in output in the third quarter of the year.
For the three months to the end of September, the gold miner's production was 75,038 ounces of gold and gold equivalent, up 0.3% from 74,826 ounces the same period the year before.
The contribution of 6,954 ounces for the quarter from Highland Gold's acquisition of the Valunisty gold mine in Russia more than offset production declines from the group's three existing operating mines.
Highland Gold's output for the first nine months of 2019 was 217,298 ounces of gold and gold equivalent, up 7% from 203,747 ounces for the same period the year prior.
Highland Gold was four operating mines in Russia, Mnogovershinnoye, Novoshirokinskoye, Belaya Gora and Valunisty.
At Mnogovershinnoye, gold production declined by 9.4% year-on-year to 28,951 ounces in the third quarter from 31,942 ounces a year ago. Novoshirokinskoye output slipped 0.6% to 30,025 ounces from 30,207 ounces, while at Belaya Gora it dropped by 28% to 9,108 from 12,677.
Highland Gold reiterated its production guidance for 2019 between 290,000 and 300,000 ounces of gold and and gold equivalent. In 2018, the total was 269,500 ounces.
Shares in Highland Gold - which is headquartered in Jersey, Channel Islands - were up 0.8% at 195.90 pence on Monday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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