Highland Gold Mining Ltd.'s (HGM.LN) 2018 gold production was within guidance despite lower output from its Novoshirokinskoye mine in Russia, the company said Monday as it raised its forecast for the current year.
The miner said it produced 269,500 ounces of gold and gold equivalent for the year, down 1% from 2017 production levels of 272,274 ounces. Highland had forecast 2018 gold production in the range of 265,000-275,000 ounces.
Fourth-quarter production across its properties came to 65,753 ounces of gold and gold equivalent, down from 68,722 ounces in the year-earlier period.
Throughout the year Highland Gold's Mnogovershinnoye and Belaya Gora mines saw production of gold and gold equivalent rise 9.9% and 2.1% respectively.
Output at the Novoshirokinskoye mine fell 35% in the fourth quarter--and 11% for the year--due to lower grades and recoveries, Highland Gold said.
The company expects total production of gold and gold equivalent in 2019 in the range of 290,000-300,000 ounces.