LSE-listed Russian miner Trans-Siberian Gold expects to exceed its 2018 gold production guidance of between 36 000 oz and 40 000 oz, as a result of an improved operational performance and improving gold grades.
The average gold grade for the third quarter last year was 7.8 g/t gold.
Additionally, the company expects its electricity supply contract to substantially reduce power costs in the year ahead.
Trans-Siberian has entered into a new electricity supply agreement with energy company Kamchatskenergo, which will supply power to the Asacha gold mine at a reduced price of RUR Rb4.69/kWh, or $0.07/kWh.
Meanwhile, construction of the underground dewatering pumping facilities continued at Asacha, albeit behind schedule.
Completion of the permanent facilities is expected in May.