20th Mar 2020 12:10
(Alliance News) - Trans-Siberian Gold PLC on Friday said changes to commodity prices and foreign exchange rates amid the Covid-19 outbreak could positively impact its profitability.
Shares in the company were 18% higher at 53.08 pence each in London on Friday afternoon.
The gold producer added that while it is "closely monitoring the development of this global health crisis", its supply chains are thus far unaffected.
Trans-Siberian added: "Our Moscow office remains open, although processes are in place to ensure employees are able to work from home if needed. We continue to follow the latest government advice in all our jurisdictions with regard to the current running of our operations."
The company explained its dollar-denominated revenue from gold sales are strong amid a "supportive gold price environment". Plunging oil prices have mean its energy costs will be slashed too, the company added, with the falling Russian rouble also being beneficial to Trans-Siberian.
By Eric Cunha; [email protected]
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