Highland Gold produces 57,000 oz of gold equivalent in Q1, confirms 2016 guidance
MOSCOW. May 23 (Interfax) - Highland Gold Mining (HGM), a UK-based company that mines gold in Russia, produced 56,889 ounces of gold equivalent in the first quarter of 2016, which was down less than 1% from 57,421 ounces a year earlier, the company reported.
HGM's production guidance for 2016 remains unchanged at 255,000-265,000 ounces.
The average sales price for Highland Gold in Q1 was $1,174 per ounce of gold.
HGM's production highlights:
| Figure | Q1 2016 | Q1 2015 | Change |
| Mnogovershinnoye | |||
| Total ore mined, '000 tonnes | 316,296 | 240,475 | 31,5% |
| Average grade mined, grams/tonne | 2,16 | 2,27 | -4,8% |
| Ore processed, '000 tonnes | 298,725 | 340,803 | -12,3% |
| Average grade processed, grams/tonne | 2,22 | 2,18 | 1,8% |
| Recovery rate | 90,7% | 90,2% | 0,5 p.p. |
| Gold produced, '000 ounces | 18,959 | 22,712 | -16,5% |
| Novoshirokinskoye | |||
| Ore mined, '000 tonnes | 196,696 | 155,837 | 26,2% |
| Average grade mined*, grams/tonne | 5,29 | 5,56 | -4,9% |
| Ore processed, '000 tonnes | 180,853 | 158,397 | 14,2% |
| Average grade processed*, grams/tonne | 5,43 | 5,55 | -2,2% |
| Recovery rate* | 86,35% | 85,00% | 1,4 p.p |
| Gold produced, '000 ounces | 27,246 | 24,028 | 13,4% |
| Belaya Gora | |||
| Ore mined, '000 tonnes | 364,462 | 309,682 | 17,7% |
| Average grade mined, grams/tonne | 1,19 | 1,61 | -26,1% |
| Ore processed, '000 tonnes | 383,231 | 289,604 | 32,3% |
| Average grade processed, grams/tonne | 1,26 | 1,67 | -24,6% |
| Recovery rate | 69,7% | 71,0% | -1,3 p.p. |
| Gold produced, '000 ounces | 10,684 | 10,681 | 0,0% |
| Sredny Golgotai | |||
| Ore mined, '000 tonnes | 2,143 | - | - |
| Average grade mined, grams/tonne | 2,74 | - | - |
* - in gold equivalent
Highland Gold is a company registered in Great Britain that produces gold in Russia. The main projects are located in the Khabarovsk territory (Mnogovershinnoye, Belaya Gora, Blagodatnoye), the Transbaikal area (the Novoshirokinskoye, Lyubavinskoye and Taseevskoye), Chukotka (Kekura, Klen) and Kyrgyzstan (Unkurtash).
Highland Gold's main shareholder is Millhouse, which represents the interests of Roman Abramovich and his partners - they control 32% through Primerod International Ltd. Firms, non-executive board chairman Eugene Shvidler own 11.35%. The Prosperity Capital fund owned 16.4%, J.P. Morgan - 5.5%, former Highland Gold manager Ivan Kulakov - 4.15% (data as at February 26, 2016).
