Russia-focused precious metals producer Highland Gold Mining says bad weather and declining ore quality resulted in reduced production during 2011.
The company's latest results show the group produced 184,102 ounces of gold last year, down significantly on the 200,028 ounces produced during 2010 and below the downwardly revised target of 190,000 to 200,000.
The group, however, is not shy about drawing attention to its revenues, which grew from $243.5m to $300m on the back of the increased gold price.
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Gross profit rose 29% to $154.5m, while underlying earnings gained 29.5% to $157m.
Since the end of 2011 Highland has increased its certified resource base by 41% to 11.11m ounces due to audits at a new exploration site and acquisitions.
Highland's share price has fallen 29% this year, after it issued the reduced production guidance.
Chairman Duncan Baxter said he was "delighted" at the increase in revenues and said production through 2012 would be between 200,000 and 215,000 ounces.
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