JOHANNESBURG (miningweekly.com) – Russia-focused gold miner Highland Gold has reaffirmed its production forecast of 255 000 oz to 265 000 oz for 2017, after reporting higher first-half production.
The Aim-listed company, which owns the Mnogovershinnoye (MNV), Novoshirokinskoye (Novo) and Belaya Gora operations, produced 131 784 oz of gold and gold equivalent in the first six months of the year, compared with 128 671 oz in the prior-year period.
Second-quarter production came to 66 536 oz, compared with 71 782 oz a year earlier.
Highland reported on Monday that MNV, in the Khabarovsk region, had improved half-year production by 13% year-on-year to 50 749 oz of gold. The Novo mine, in the Zabaikalsy region, delivered a 4.5% year-on-year production improvement in the first six months of 2017, with production increasing from 58 393 oz to 61 002 oz.
The Belaya Goro mine, in Khabarovsk, produced 20 033 oz in the six-month period, compared with 25 349 oz in the prior-year period. The mine’s second-quarter production fell from 14 665 oz in the first quarter to 10 501 oz, owing to the operation treating low-grade stockpiles while work is under way to improve processing plant recovery rates.
The company is targeting the nearby Blagodatnoye deposit to augment the mineral resource base from the Belaya Gora operation. A prefeasibility study is under way to consider upgrades to the Belaya Gora mill and a joint mining schedule for Belaya Gora and Blagodatnoye.
The study results would be published in the current quarter.