https://www.miningweekly.com

Gold miner Trans-Siberian reports higher FY profit

30th June 2017

By: Creamer Media Reporter

     

Font size: - +

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.

Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

The Southern African Institute of Mining and Metallurgy
The Southern African Institute of Mining and Metallurgy

The SAIMM started as a learned society in 1894 after the invention of the cyanide process that saved the South African gold mining industry of the...

VISIT SHOWROOM 
Multotec
Multotec

Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.044 0.783s - 110pq - 2rq
Subscribe Now