30th Sep 2013 13:10
LONDON (Alliance News) - Trans-Siberian Gold PLC Monday said its pretax losses narrowed in its first half due to a ramp up in production levels.
The Russia-focused gold and silver production company said its pretax losses narrowed to USD4.1 million from USD5.4 million for the six months ended June 30.
The company said sales increased 3.2% to USD22.1 million from USD21.4 million as Gold production at the company increased 9.8% to 13,950 ounces and silver production increased 15.1% to 17,691 ounces.
Trans-Siberian also managed to lower its administrative expenses to USD3.2 million from USD3.8 million.
The company did say that it was continuing to provide low-grade gold and silver from its flagship Asacha Project in the Kamchatka Region of Russia, as a dilution problem hit the company.
Trans-Siberian shares were down 4.29% to 23.45 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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