Highland ups Sept quarter production
Aim-listed Highland Gold, which operates the Mnogovershinnoye (MNV), Novoshirokinskoye (Novo) and Belaya Gora mines in Russia, boosted its September quarter output by 4.4% year-on-year to 74 826 oz of gold and gold equivalent.
Its nine-month output came to 203 747 oz and the company reported on Thursday that it was on track to achieve its guidance of 265 000 oz to 275 000 oz for the full year.
Aided by higher grades, MNV surpassed the 2017 nine-month output at 80 031 oz, making up for lost ground after operating at reduced capacity in the first quarter of this year. The mine’s third quarter production increased to 31 942 oz, from 27 376 oz in the prior-year quarter.
The Belaya Gora mine reported a slight increase in production, from 12 280 oz in the third quarter of 2017, to 12 677 oz in the period under review. Nine-month output dipped slightly to 32 481 oz, from 32 314 oz in the corresponding period.
Lower recoveries and grades have pulled down production at the Novo mine, which reported third quarter and nine-month production of 30 207 oz and 91 235 oz, respectively, from 32 111 oz and 91 235 oz, in the corresponding periods.
Meanwhile, Highland reported that work continued on Stage 1 of the 1.3-million-tonne-a-year expansion at Novo, and that Stage 2 studies were under way. The first stage of the mine’s capacity expansion focuses on upgrades to the mining system and the second stage of the processing plant.
The expansion of Novo’s mining and milling capacity is designed to compensate for expected lower grades from the mine. Highland has increased the mine’s ore reserves by 430% to 1.9-million ounces of gold equivalent, but the grade has fallen from 9.8% to 3.3%.
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