Vladislav Sviblov's Highland Gold Mining (HGM) Group increased EBITDA by 50% to $426.4 million in 2021, according to the company's IFRS report, which was reviewed by Interfax.
Revenue and gross profit increased proportionally, they amounted to $751 million and $387.6 million, respectively.
In addition to the assets that have long been owned by Highland Gold (including the operating Mnogovershinny, Belaya Gora, Novo-Shirokinsky, Kekura, Valunisty mines), the results for 2021 include new assets: the Asachinskoye deposit (owned by Trans-Siberian Gold), Amethyst and Baranyevskoye (Kamchatka Gold), as well as the Darkhan, Darasun mines and a number of promising projects.
The total debt of Highland Gold, including leasing obligations, at the end of 2021 amounted to $ 1.58 billion, for the year it increased almost 5 times. Net debt increased by more than 6 times, to $1.46 billion, its ratio to EBITDA, according to estimates, jumped to 3.42x from 0.83x at the end of 2020 (the covenants on Highland Gold obligations assume a ratio of net debt to EBITDA to 5.75x, the report says).
The main creditor of Highland Gold is VTB, in total, the debt to this bank at the end of 2021 was $ 1.48 billion, and it was represented by bills in euros with a rate of 3.75% and repayment at the end of July 2023. According to them, 100% of the company itself and shares in all Russian "daughters" are laid down.
In 2021 and since the beginning of 2022, Highland Gold has concluded a number of hedge contracts. According to estimates, 221.8 thousand ounces of gold were contracted for 2022 at a price of over $1800 per ounce (for comparison, the evening benchmark of the gold price on Tuesday was about $1795 per ounce).
Alex Shishlo for Rough&Polished
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