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| Share structure Quotes Reports Presentations News releases Calendar Analyst coverage Rule 26 |
Interim Results Announcement for the 1H 2009
Released: 22 Sep 2009
View the full results announcement (PDF - 503 Kb)
22 September 2009 - Highland Gold Mining Limited ("Highland Gold", or the "Company") announces its production and financial results for the half year ended 30 June 2009.
Financial Summary
Financial (US$ millions) | H1 2009 | H1 2008 restated |
| Turnover | 78.8 | 76.5 |
| Cash inflow from operating activities | 18.3 | 11.0 |
| Group Operating profit | 19.4 | 14.0 |
| Net profit from Continuing operations | 39.6 | 22.4 |
| Profit for the period | 38.1 | 22.4 |
| Diluted earnings per share from continuing operations (US$/share) | 0.121 | 0.069 |
| Capital expenditure | 15.7 | 43.7 |
| Operating | ||
| MNV - Gold recovered (ounces) | 78,421 | 68,813 |
| MNV - Gold sold (ounces) | 83,860 | 81,036 |
| MNV - Cash operating cost (US$/ounce sold) | 457 | 517 |
| MNV - Total cash cost (US$/ounce sold) | 514 | 574 |
First Half Highlights
- Group profit after tax of US$38.1 million, a 70% increase compared to H1 2008 (US$22.4 million)
- Cash and short term deposits of US$294.8 million at 30 June 2009
- Mnogovershinnoye produced 78,421 oz of gold, a 14% increase compared to H1 2008
- Novoshirokinskoye on schedule for commissioning by 1 October 2009
- Taseevskoye development project doubles C1+C2 reserves and Belaya Gora exploration project moves to the development stage after State Reserves Committee (GKZ) approves reserves at both properties
- Unkurtash exploration project calculated at 2 million oz of C1+C2 reserves with potential upside estimated at 5 million oz of gold
Commenting on today's announcement Duncan Baxter, Non-Executive Chairman said: "The investments made at MNV continue to bear fruit as reflected in the strong performance from the mine in the first half of the year. Our joint venture project Novoshirokinskoye is on track to become our second producing mine and will be commissioned by 1st October. We are making good progress with the Taseevskoye development project and our Belaya Gora exploration project, while Unkurtash with its multi-million ounces holds strong potential to increase our resource base substantially. Highland's strategy of concentrating its efforts on maximising output from producing assets, the development of its near term production projects and on seeking out new acquisitions continues."
Conference call
Highland Gold will hold a conference call hosted by Valeryi Oif, CEO. The conference call will take place at 10.00 am London time on 22 September 2009. To participate in the conference call, please dial one of the following toll-free numbers:
| UK Free Call | 0800 694 0257 |
| UK Standard International | +44 (0) 1452 555 566 |
| USA Free Call | 1 866 966 9439 |
| Russian Free Call | 8 10 800 2 097 20 44 |
| Conference | ID 31 831 483 |
A recording of the presentation will be accessible on the company website www.highlandgold.com shortly after, as well as by dialing one of the following numbers:
International Dial in: + 44 (0) 1452 55 00 00
UK Free Call Dial In: 0800 953 15 33
UK Local Dial In: 0845 245 5205
USA Free Call Dial In: 1866 247 42 22
Encore Replay Access Number: 31 831 483 #
Encore Replay will be available until 28 September 2009
The Interim Report to 30 June 2009 will be available on our website.
| © 2010 Highland Gold Mining Ltd. |