Highland Gold Mining swings to FY net profit as output slips

Shares in Highland Gold Mining are down more than 5% as it produced a full-year net profit of $47.9m, which was a reversal of its year-earlier loss of $10.0m, as its production slipped and all-in sustaining costs rose.

During the year, the company produced 261,159 ounces of gold and gold equivalents, which was a little below the previous year's 262,485 ounces.

Average realised price for gold and gold equivalent in 2016 was $1136 an ounce, from $1062 an ounce. Group all-in sustaining costs totalled $652 an ounce, from $640 an ounce. This helped revenue rise to $305.9m, from $276.2m.

At 11:35 GMT, shares in AIM-quoted Highland Gold Mining were down 5.17% to 174.25p each.