Highland ups gold output
Article Date: Feb 03 2010Russian gold producer Highland Gold Mining increased gold production 2.7 per cent last year to 163,208 oz.
The Jersey-based company says its Mnogovershinnoye mine produced 163,208 oz last year at a slightly reduced average grade of 5.2 grammes of gold per tonne of ore and cash costs of around $514 an ounce, against today’s market price of $1,105 an ounce. According to AIM-quoted Highland, its Novoshirokinskoye lead, zinc, gold and silver mine remains on track to produce its first concentrates before the end of March.
Elsewhere, the company reports good progress with several exploration and development projects. Chief executive officer Valery Oif, who has connections with oligarchic Chelsea Football Club owner Roman Abramovich, declares ‘we are determined to step up the pace’.
Floated at 190p eight years ago, Highland shares reached 332p in 2006 before later crumbling to 38p. Highlighted by Growth Company Investor at 44p 16 months ago, they have more than doubled to 93.75p, valuing the company at £305 million.
They have speculative appeal.
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