Highland Gold Mining Limited reported unaudited consolidated financial results and production figures for the half year ended June 30, 2017. For the period, the company reported revenue of USD 147,176,000 against USD 147,097,000 a year ago. Operating profit was USD 43,415,000 against USD 50,420,000 a year ago. Net profit was USD 25,932,000 against USD 37,052,000 a year ago. EBITDA was USD 73,248,000 against USD 79,720,000 a year ago. Earnings per share were USD 0.079 against USD 0.113 a year ago. Net cash inflow from operations was USD 59,316,000 against USD 78,378,000 a year ago. Capital expenditure was USD 27,437,000 against USD 18,814,000 a year ago. Net debt position was USD 203,538,000 against USD 197,900,000 a year ago. For the period EBITDA was decreased 8.1% from first half of 2016, chiefly due to a stronger rouble, higher production costs and utilization of low-grade ore at BG.

For the period, the company reported total production at Mnogovershinnoye, Novoshirokinskoye and Belaya Gora was 131,784 oz of gold and gold equivalent, up 2.4% from 128,671 in first half of 2016. MNV and Novo improved on first half of 2016 gold and gold equivalent production by 13% and 5.2%, respectively. At Belaya Gora, continued focus on processing low-grade ore stockpiles pending the completion of an ongoing project review. New JORC-compliant reserve estimate at MNV doubled ore reserves and supported the extension of life of mine by four years to 2022.

The company reaffirms its forecast for total production of gold and gold equivalent of 255,000 oz to 265,000 oz for the full year of 2017.