JOHANNESBURG (miningweekly.com) – Russian miner Trans-Siberian Gold has lifted its pre-tax profit by 32% to $8.7-million in 2016, with operating profit increasing to $10.7-million and revenue rising slightly to $45.2-million.
The revenue was achieved from the sale of 35 550 oz of refined gold and 51 741 oz of refined silver, at an average price of $1 248/oz of gold and $16/oz of silver.
Trans-Siberian reported a 2.8% decrease in its cost of sales to $28-million, owing to the recovery of the Russian rouble, partially offset by the 6% reduction in gold ounces sold.
Cash and cash equivalents increased from $12.6-million to $13.1-million.
"I am satisfied by our financial performance in 2016. We remain cash-generative and financially robust at a time when the gold industry is re-shaping. We will continue to seek efficiencies and enhance our financial performance wherever practicable,” nonexecutive chairperson Charles Ryan commented in a statement.
Trans-Siberian paid a maiden dividend of $5.5-million.