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Highland Gold Mining Limited was established in Jersey on May 23, 2002 with the aim of acquiring, consolidating and developing a portfolio of high-quality gold mining projects in the Russian Federation with significant growth prospects.
The company aims to become the most profitable gold mining company in Russia and Central Asia, focusing on occupational health and environmental issues, as well as social responsibility towards employees and local people.
Highland Gold Mining is a gold producer with a strong reputation, managing world-class assets located in Russia. Among them are projects for production, development and geological exploration. The company has a staff of specialists in the field of management and operation with experience in Russia and abroad, as well as the volume of reserves audited in accordance with the international JORC classification.
The activities of Highland Gold are concentrated around three main production centers in the Khabarovsk and Trans-Baikal Territories, as well as the Chukotka Autonomous Okrug of Russia. In addition, the company is the owner of assets in Kyrgyzstan and Central Asia. To date, the company owns four existing mines, three projects at the development stage and three exploration areas.
Highland Gold is a public company whose shares have been trading on the London Alternative Investment Exchange since December 2002 under the HGM index, the number of ordinary shares issued is 363 843 441.
History
2024: Moscow "Vostochny proekt" bought Darasunsky mine in Transbaikalia from Highland Gold
In October 2024, it became known about the sale of the Darasunsky mine in the Trans-Baikal Territory by Highland Gold. The new owner of the gold mining enterprise will be the Moscow company Vostochny Proekt LLC. Read more here
2023
British sanctions against the company
In November 2023, Britain introduced a new package of sanctions against Russia.
The island state imposed sanctions against two Russian mining companies (Nord Gold Plc and Highland Gold Mining Ltd) and a gold mining trader who participated in the transfer of funds to Moscow.
Also, sanctions were imposed against more than two dozen other individuals and legal entities. In addition, a network based in the UAE fell under the sanctions, through which gold worth $300 million was sold to Russia. Among those sanctioned were Dubai-based gold trader Paloma Precious DMCC and Zimbabwean businessman Howard John Baker.
The largest scientific and technical center in the Far East has been created in Chita
The largest scientific and technical center in the Far East has been created in Chita. The press service of the Cabinet of Ministers announced this on March 17, 2023. Read more here.
2022
Sale to Polyus of a gold ore deposit in the Khabarovsk Territory for $140 million
In June 2022, the sale of the Chulbatkan gold deposit to Polyus was announced. The seller in this transaction worth $140 million was Highland Gold.
Polyus CEO Alexei Vostokov noted that Chulbatkan fits well into the company's asset portfolio, given its experience and expertise in developing large deposits in a quarry manner. Sviblov stressed that the Chulbatkan project requires significant resources for its implementation and Polyus will be able to provide them.
 | Chulbatkan is a promising project that requires significant resources for its implementation. I am sure that Polyus, the largest gold mining company and an effective operator, will be able to provide this, said Vladislav Sviblov, CEO of Highland Gold. |  |
According to the press service of Polyus, Chulbatkan is a high-gold deposit located in the Khabarovsk Territory (in the Far East). Based on the results of engineering surveys, open-pit development of the field using the heap leach method is assumed
The probable gold reserves of the deposit, according to the latest estimate according to the JORC Code, are 56,497 thousand tons of ore, which account for 2,964 thousand ounces of gold at a content of 1.6 g/t.
The results of the preliminary feasibility study (PFS) were announced in November 2021 by one of the previous owners of the field. According to the PFS, the expected production volume over seven years of development of the deposit will be about 2 million ounces of gold, with an average of total cash costs for production and maintenance (AISC) at $580 per ounce.
The Chulbatkan field, located in the Khabarovsk Territory, is one of the most promising in Russia. Highland Gold received it earlier in 2022 as part of a deal to buy $340 million of Canadian Kinross Gold assets, which also included the Dome and Double mines. Chulbatkan himself did not fit into the vision of Highland Gold.[1]
Kinross Gold purchase for $680 million
As it became known on April 5, 2022, the Canadian gold mining company Kinross Gold sold Russian assets at a large discount and left the Russian Federation. The buyer of the business for $680 million was Highland Gold Vladislav Sviblov.
The perimeter of the transaction includes the Kupol and Dvoyny mines in Chukotka, the Chulbatkan project in the Khabarovsk Territory, a number of exploration areas and industrial infrastructure facilities. Read more here.
Notes
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