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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Highland Gold Mining Ld | LSE:HGM | London | Ordinary Share | GB0032360173 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 299.60 | 299.80 | 300.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMHGM
RNS Number : 9931B
Highland Gold Mining Limited
10 April 2017
HIGHLAND GOLD MINING LIMITED
10 April 2017
Full Year 2016 Audited Results
Highland Gold Mining Limited ("the "Company"), the AIM-quoted gold producer, presents its final audited results for the year ended 31 December 2016.
FINANCIAL HIGHLIGHTS
US$000 (unless stated) 2016 2015 Production (gold and gold eq. oz) 261,159 262,485 ---------------------------------------- ---------- ---------- Group all-in sustaining costs (US$/oz) 652 640 ---------------------------------------- ---------- ---------- Total Group cash costs (US$/oz) 454 480 ---------------------------------------- Revenue 305,901 276,175 ---------------------------------------- ---------- ---------- Operating profit 69,361 22,413 ---------------------------------------- ---------- ---------- EBITDA(1) 162,491 133,317 ---------------------------------------- ---------- ---------- Net profit /(loss) 47,909 (10,019) ---------------------------------------- ---------- ---------- Earnings /(loss) per share (US$) 0.145 (0.032) ---------------------------------------- ---------- ---------- Net profit before impairment losses 70,741 25,963 ---------------------------------------- ---------- ---------- Net cash inflow from operations 136,164 105,603 ---------------------------------------- ---------- ---------- Capital expenditure 59,349 42,195 ---------------------------------------- ---------- ---------- Net debt(2) (205,465) (231,442)
(1) EBITDA is defined as operating profit/ (loss) excluding depreciation and amortisation, impairment losses, movement in ore stockpiles obsolescence provision, movement in raw materials and consumables obsolescence provision, result of disposal of a non-core entity and gain on settlement of contingent consideration
(2) Net debt is defined as cash and cash equivalent, financial assets, decreased by interest-bearing loans and borrowings and by liability under finance lease
KEY EVENTS
-- Total 2016 production of 261,159 oz of gold and gold equivalent, in the upper half of the guidance range for the year of 255-265k oz. (2015 production: 262,485 oz).
-- Average realised price for gold and gold equivalent in 2016 was US$1,136 per oz (2015: US$1,062 per oz).
-- Total Cash Costs lowered by 5.5% to US$454 per oz and All-In Sustaining Cash Costs up by 1.8% to US$652 per oz.
-- Cash inflow from operating activities rose 28.9% to US$136.2 million (2015: US$105.6 million)
-- Net debt to EBITDA ratio reduced to 1.26 as of 31 December 2016 from 1.74 in the previous year.
-- Interim dividend of GBP0.050 per share paid for H1 2016 (2015: Interim dividend of GBP0.020 per share).
-- Mnogovershinnoye (MNV) - An adjusted internal Life-of-Mine model for MNV, based on ongoing near-mine exploration and reserve recalculations, now provides for production through at least 2022 (versus 2018 previously).
-- Novo - Project for expansion to 1.3 mtpa ore mining and processing capacity underway and on track for completion in late 2018.
-- Blagodatnoye - Extensive exploration drilling carried out to confirm resources.
-- Baley Hub - De-watering programme initiated for existing Taseevskoye open-pit with a view to de-risking the project and allowing for further reserve confirmation. Exploration work also carried out on Sredny Golgotay along with a pilot mining project at the Kaftan site on the Sredny Golgotay licence.
POST YEAR EVENTS
-- Final dividend of GBP0.054 per share recommended, making a total distribution of GBP0.104 per share for the year to 31 December 2016 (2015: GBP0.045 per share).
2017 TARGETS
-- Total production of gold and gold equivalent is expected to remain stable at 255,000-265,000 oz.
-- MNV - To continue extensive near-mine exploration programme throughout the year with a view towards further extending Life of Mine.
-- Novo - To proceed with design and construction work on mill expansion.
-- Belaya Gora - To complete a pre-feasibility study on processing plant upgrades and the inclusion of Blagodatnoye in Belaya Gora operations
-- Kekura - To complete a definitive feasibility study and move forward with procurement, infrastructure and construction preparations.
-- Baley Hub - To continue de-risking Taseevskoye and to examine development options for the Baley Hub projects.
-- To complete updated JORC-compliant reserve estimations on key operating and development projects.
CONFERENCE CALL DIAL-IN DETAILS
The Company will hold a simultaneous webcast and conference call to discuss the results, hosted by CEO Denis Alexandrov, on 10 April 2017 at 10:00 UK time (12:00 Moscow).
This event is being streamed. It is recommended that you listen via your computer speakers. The link for online registration is: http://engage.vevent.com/rt/webcasting/index.jsp?seid=809
To register to participate by telephone and to receive local dial-in numbers, please follow this link:
http://emea.directeventreg.com/registration/1943163
The Annual General meeting will be held on 17 May 2017.
FOR FURTHER INFORMATION PLEASE CONTACT:
Highland Gold John Mann, Head of Communications + 7 495 424 95 21 Duncan Baxter, Non-Executive Director + 44 (0) 1534 814 202 Numis Securities Limited John Prior, James Black (Nominated Adviser and Broker) Paul Gillam +44 (0) 207 260 1000 Peat & Co Charlie Peat (Joint Broker) +44 (0) 207 104 2334
Please find the full version of the press release in the attached PDF.
http://www.rns-pdf.londonstockexchange.com/rns/9931B_-2017-4-9.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UGUMWCUPMGPB
(END) Dow Jones Newswires
April 10, 2017 02:00 ET (06:00 GMT)
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