- Highland Gold Mining reported a rise in earnings as revenues were bolstered by increased gold sales and stable gold prices as well as a weaker rouble.

For the half year ended 30 June 2019, earnings (EBITDA) rose 21.2% to US$86.5m, an increase of 21.2% from a year earlier, as revenue rose 18.9% year-on-year to US$174.7m.

The rise in revenues reflected the contribution from the newly-acquired Valunisty mine and increased sales volume at MNV.

Highland Gold produced a total of 142,254 ounces of gold and gold equivalent in the first half of 2019, an increase of 10.3% from 128,921 ounces in the first half of 2018.

All-in sustaining costs (AISC) per ounce rose to US$778, from US$697 in the first half of last year.

'We expect higher production levels and stronger operating cash flow in the second half, as well as continued progress on construction at our key development project, Kekura, and on our ongoing projects to improve operations at each of our existing mines,' the company said.

At 8:51am: [LON:HGM] Highland Gold Mining Ltd share price was -0.2p at 232.4p

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