14th Oct 2015 10:23
LONDON (Alliance News) - Trans-Siberian Gold PLC Wednesday said gold and silver production both rose in the first nine months of 2015 thanks to improved grades and recovery rates.
The Russian miner said gold dore production in the third quarter totalled 9,680 ounces, down from 10,044 ounces in the second quarter. Gold dore production in the first nine months of 2015 totalled 28,768 ounces, up from 26,203 ounces a year earlier.
Refined gold production in the third quarter stood at 9,548 ounces, up from 8,238 ounces in the second quarter, pushing nine month production to 27,294 ounces, up from 24,126 ounces a year ago.
Silver dore production in the third quarter came in at 10,871 ounces, down from 12,847 ounces in the second quarter. That brought production in the first nine months to 36,465 ounces, which is up from 33,147 ounces a year earlier.
Refined silver production in the third quarter totalled 11,931 ounces, up from 10,116 ounces in the second quarter. Nine month production rose to 35,351 ounces from 31,347 ounces.
Dore production is gold or silver that is produced from the mine that does not need treating through the processing plant as the refined production does.
Importantly, production in the first nine months of the year has increased across all of its commodities even though Trans-Siberian mined less ore, totalling 132,088 metric tonnes compared to the 148,648 metric tonnes mined a year earlier.
That means the miner's grades and recovery improved in the first nine months of 2015. The average gold grade rose to 7.74 grammes per tonne from 7.32 grammes with the gold recovery rate rising to 95.46% from 95.06%. Silver grades actually fell to 12.3 grammes per tonne from 12.5 grammes but the recovery rate improved to 75.69% from 70.82%.
Trans-Siberian shares untraded at 9.25 pence per share on Wednesday.
By Joshua Warner; [email protected]; @JoshAlliance
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