Shares in Highland Gold, the Russia-focused gold miner backed by Chelsea football club owner Roman Abramovich, surged almost 19 per cent on Thursday after a strong interim performance appeared to ease investor fears over the company’s “Russia risk” and recent management changes.

Production at Highland’s lone operating mine in the Russian far east increased after earlier efficiency improvements, driving a 77 per cent rise in revenue to $76.5m (£41.4m) in the six months to June 30. Pre-tax profits rose to $26.6m, compared with $5m in the first half of 2007.