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Russian miner's revenues are up 18.9%

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Russia-focused miner Highland Gold (AIM:HGM) said its revenue for the first half of the year rose 18.9% year-on-year to $174.7 million, due to acquiring Valunisty mine and increased sales volume at its Mnogovershinnoye Mine.

The H1 2019 EBITDA was US$86.5 million, an increase of 21.2% from H1 2018.

All-in sustaining costs per ounce was up, increasing to $778 compared to $697 from a year ago. The new mine and equipment purchases drove costs higher.

The company maintained its forecast of 290,000 to 300,000 oz of gold and gold equivalent for 2019.

Highland has operations in Khabarovsk, Zabaikalsky and Chukotka regions of Russia, as well as Kyrgyzstan in Central Asia.

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