Highland Gold Mining conducts first gold sale on Moscow market

Highland Gold Mining has become the first gold producer to conduct a sale on the Precious Metals Market of the Moscow Exchange, it announced on Tuesday.

The AIM-traded firm said delivery of the gold to the exchange was completed on 29 November, with the sale conducted on 2 December.

It said it sold 1,198 ounces of gold at a price of RUB 3009.5 per gram ($1,455.40 per ounce), in line with the London spot price of between $1,455.35 and $1,456 per ounce at the time of the transaction.

The gold was delivered from the company's Mnogovershinnoye subsidiary, which is the first and - at present - the only gold producing enterprise registered on the platform.

Trading on the MOEX Precious Metals Market began in 2013, with the platform currently having 56 registered professional participants.

Spot and swap trades of gold and silver executed on the market are cleared by the National Clearing Centre - a MOEX group subsidiary.

“Prior to the transaction, Highland Gold had been selling its gold production almost exclusively to commercial banks,” the board said in its statement.

“The MOEX Precious Metals Market provides the company with another option for bringing its gold to market.”

At 1445 GMT, shares in Highland Gold Mining were flat at 183.7p, having risen earlier in the session.