http://www.stockmarketwire.com/article/5420797/...nings-up-45pct.html
StockMarketWire.com - Highland Gold Mining's first half revenue rose 13% to US$147.1 million in the six months to the end of June reflecting improved metals prices and increased sales volumes during the period.
EBITDA increased to US$ 79.7 million - up 45% over H1 2015, while EBITDA margin rose to 54% from 42% and operating profits jumped to $50.4m from $18.8m.
All-in sustaining costs per ounce fell by 14% to US$609/oz, assisted by ongoing weakness in the rouble and strict cost controls.
Free cash flow (defined as net cash flows from operating activities less cash flows used in investing activities) was US$60.7 million.
Net debt to EBITDA ratio reduced to 1.3 as of 30 June 2016 versus 1.7 as of 31 December 2016 as the Company directed free cash flow to debt repayment.
Production totalled 128,671 oz of gold and gold equivalent at Mnogovershinnoye (MNV), Novoshirokinskoye (Novo), Belaya Gora, and Sredny Golgotay (Kaftan site), an increase of 6% from 121,242 oz in H1 2015.
MNV and Novo exceeded internal production targets for the quarter, while at Belaya Gora efforts to optimise operations were ongoing.
Exploration work continued on the Northern ore body at MNV, with reserves expected to receive approval from regulators by year-end and work commenced on the planned expansion of processing capacity at the Novo mill. |
