LONDON (Alliance News) - Russia-focused Highland Gold Mining Ltd on Thursday reported increased second-quarter gold production, though output so far in 2018 is down year-on-year.
Highland produced 69,610 ounces of gold and gold equivalent in the three months to June, up 4.6% year-on-year and 17% on the first quarter of the year.
For the six months to June, production has been 128,921 ounces of gold and gold equivalent, which is 2.2% lower than the same period a year prior due to a weaker first quarter.
Highland has three producing projects: Mnogovershinnoye, Novoshirokinskoye, and Belaya Gora. The first of these is in the Khabarovsk region, as is Belaya Gora, and Novo is in Zabaikalsky region.
First-half production at all three had been hit by technical issues and lower recoveries despite higher ore being mined.
Looking to the rest of 2018, Highland said it is confident on reaching its gold and gold equivalent production target of 265,000 to 275,000 ounces.
Shares were 1.3% higher on Thursday at a price of 135.70 pence each.
