Highland Gold Mining shares fall on lower output

AIM-listed minerals firm Highland Gold Mining (LON:HGM) has announced a 1.7% drop in revenues for the year ended 31st December as output for the period fell. EBITDA fell in line with the decline in production, but margins held steady.

Executive chairman Eugene Shvidler commented: “Highland Gold is committed to growth, both organic and acquisitive, and I am pleased to report that 2018 and the early months of the current financial year have witnessed significant developments on that front. The Company’s recent corporate highlights, namely the purchase of the Valunisty gold mine and the seven-year ‘Life of Mine’ extension of MNV, as well as the ramp-up of construction at Kekura, reflect key aspects of our overall strategy to capitalise on Highland’s valuable and substantial asset base.

Looking to the future, we are confident that the ongoing implementation of our strategy, together with the maintenance of rigorous cost disciplines and the roll-out of a new programme for operational efficiency and continuous improvement, will continue to serve shareholders well in the ensuing years“.

Highland Gold Mining’s share price dropped by 3.8% to 180.30p (as of 15:25 GMT).