11th Jan 2019 09:09
LONDON (Alliance News) - Trans-Siberian Gold PLC said Friday that gold production will slightly exceed annual guidance due to the continued improvement in operational performance at the Asacha gold mine in the final quarter of 2018.
Shares in the company were trading 5.2% higher at 36.30 pence each in morning trade.
"We are making continuous improvements at the Asacha gold mine which are delivering real results," said Chief Executive Alexander Dorogov.
The miner expects to slightly exceed the upper end of the full year total gold production guidance of 36,000 to 40,000 gold ounces for 2018.
Improved performance at the Russian mine in the second half of 2018 has also resulted in improved gold grades in the fourth quarter, the company said. Average gold grades stood at 7.8 grams per tonne in the third quarter.
Trans-Siberian Gold also said it has signed a new 12-month electricity supply agreement with Kamchatskenergo, which will supply power to the Asacha mine at a reduced price of RUB4.69 per kilowatt, or around 7 US cents per kilowatt, due to measures taken by the Russian government to develop the Far East of Russia.
Kamchatskenergo is a part of electricity company RusHydro Group
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