Russian gold miner Highland Gold on Friday posted profit of $56.08-million for 2018, compared with $65.86-million in 2017, as its revenue declined on a slight dip in production.
The mining company generated $311.15-million in revenue, compared with $316.68-million, while earnings before interest, taxes, depreciation and amortisation came to $153.06-million, from $155.28-million in 2017.
Total production decreased by 1%, from 272 274 oz of gold and gold equivalent, to 269 500 oz, which remained in the guidance range of 265 000 oz to 275 000 oz.
Total cash costs held steady at $506/oz, while all-in sustaining costs rose slightly to $682/oz.
Highland is aiming to produce between 290 000 oz and 300 000 oz in 2019.
The company reported that it had started initial stripping and mining at its new Kekura mine and that it would integrate the recently acquired Valunisty mine this year.
Further, the Kekura and Klen licences were included on the list of companies which can be granted ‘residency’ status within the Chukotka Advanced Special Economic Zone, which Highland said would lead to certain tax benefits and other incentives.