- Highland Gold Mining estimated that an upgrade of its Belaya Gora operation in Russia would cost around $36m.

The capital expenditure estimate was part of a pre-feasibility study and included $21m in 2023 to move mining activity from Belaya Gora to Blagodatnoye and $15m for upgrades to the Belaya Gora processing plant.

The study also included a resource upgrade for the combined Belaya Gora and Blagodatnoye operation, with total gold reserves now pinned at 932k oz at a grade of 1.44 g/t.

At 2:26pm: [LON:HGM] Highland Gold Mining Ltd share price was -6p at 144.3p

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