18th Jul 2016 08:39
LONDON (Alliance News) - Trans-Siberian Gold PLC on Monday said gold production since the start of 2016 from the Asacha mine in Russia has been slightly higher than last year whilst silver production has experienced a minor fall.
The miner has produced 19,311 ounces of gold in dore since the start of the year and 18,680 ounces of refined gold. That is 1.2% higher than the 19,088 ounces of gold dore and 5.2% higher than the 17,746 ounces of refined gold produced a year earlier.
Production of silver in dore since the start of the year amounted to 25,062 ounces whilst refined silver production totalled 23,411 ounces. That is 2.1% lower than the 25,594 ounces of silver in dore and a tiny drop from the 23,420 ounces of refined silver produced a year earlier.
A dore bar is a semi-pure alloy of gold and silver usually created at the mine site before being sent to be purified further at a refinery.
Production of gold in dore was 9.9% higher in the second quarter than the first, whilst refined gold production was broadly flat quarter-on-quarter. Production of silver in dore was up 32% quarter-on-quarter and refined silver production was 2.8% higher in the second quarter than in the first.
Mine development was 12% lower in the second quarter at 986.0 metres from 1,115.0 metres in the first quarter, mainly because equipment failure in June forced the company to process lower-grade ore.
Trans-Siberian shares were down 7.8% to 36.90 pence per share on Monday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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