Trans Siberian reports higher interim results
Stronger production results and a higher gold price have lifted Russian miner Trans Siberian Gold’s revenue to a record $27.60-million in the six months ended June 30, compared with $18.8-million a year earlier.
The revenue resulted in profit before tax increasing to $3.2-million, from $0.5-million, and earnings before interest, taxes, depreciation and amortisation of $8.8-million, up from $5.4-million in the same period of 2017.
Gold production increased by 25% to 17 361 oz and refined production climbed to 20 698 oz, with the average selling price jumping from $1 237/oz in the first half of 2017, to $1 324/oz in the period under review.
Trans Siberian returned to mining higher grade ore in recent months, with the average gold grade during the six months being 6.2 g/t, compared with 5.1 g/t in the prior-year period.
“Our results in the first half of 2018 reflect the actions taken to address some of the challenges we faced,” Alexander Dorogov, who was appointed CEO in July, said in a statement on Tuesday.
The company expects gold production to improve even further in the second half, as the effects of installing additional pumping equipment filter through. The company’s gold production guidance range for the full year is between 36 000 oz and 40 000 oz. The upper end of the range represents a year-on-year increase of about 9% in total production.
Further, the board announced an interim dividend of 0.009c a share, equalling about $1.0 million.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation