30th Sep 2014 14:38
LONDON (Alliance News) - Trans-Siberian Gold PLC Tuesday reported a significant increase in both silver and gold production in the first-half of 2014 and posted a smaller half-year loss, but said a sharp fall in silver and gold prices hit its revenue.
The resources company, with a focus on gold-mining assets in Russia, reported a pretax loss of USD2.2 million for the six months to end of June, compared with USD4.1 million in the first-half of 2013. Its loss was helped by a USD1.8 million net foreign exchange gain.
However revenue declined to USD20.1 million, down from USD22.1 million last year, after both gold and silver prices fell sharply year-on-year. It said average realised prices were USD1,290 per ounce of gold and USD19 per ounce of silver in the first-half, compared with USD1,528 per ounce of gold and USD26 per ounce of silver, last year.
Trans-Siberian said first-half production increased to 16,342 ounces of gold and 22,226 ounces of silver, up 17.1% and 25.6%, respectively.
It said its Asacha plant processed an average of 13,259 tonnes per month, a 12.2% increase year-on-year.
The company's stock was untraded Tuesday afternoon at 10.39 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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