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Interfax.com  |  Interfax news  |  Gold production at Trans-Siberian Gold falls 18%...


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April 21, 2017 16:56

Gold production at Trans-Siberian Gold falls 18% in Q1, annual forecast - 32,000-36,000 ounces

MOSCOW. April 21 (Interfax) - British company Trans-Siberian Gold plc (TSG), which develops the Asasha gold mine in Kamchatka Territory, saw production of refined gold fall 18% year-on-year in Q1 2017 to 7,644 ounces.

The company said in a statement that planned full year production in 2017 is 32,000-36,000 ounces. For comparison, Trans-Siberian produced 35,550 ounces in 2016.

Trans-Siberian said that extraction of new stoping ore was hindered by a lack of underground equipment, flooding at lower levels and the failure of mobile pump equipment. As a result, 40.8% of ore delivered to the plant was new stoping ore, with an average grade of 7.9 grams/tonne. In order to maintain monthly plant throughput of at least 12,500 tonnes it was necessary to process earlier run-of-mine ore which contained lower grades of gold.

The company also said that in March 2017 the reserves and resources of the Asacha deposit were re-approved by the State Commission of Reserves (GKZ) according to Russian classification. C1 and C2 gold reserves totaled 623,943 ounces with a grade of 19.8 grams/tonne and silver reserves of just under 1.477 million ounces with a grade of 46.8 grams/tonne. The cut-off grade is 2 grams/tonne. There are no remaining P1 or P2 resources.

Trans-Siberian Gold production results:

Q1 2017 Q1 2016 Change
Ore mined, '000 tonnes 46,155 44,067 5%
Ore processed, '000 tonnes 44,320 40,300 10%
Average gold grade, grams/tonne 5.35 7.38 -28%
Average silver grade, grams/tonne 8.99 10.75 -16%
Gold recovery rate 94.24% 94.95% -0.71 p.p.
Silver recovery rate 76.69% 77.36% -0.67 p.p.
Gold in dore, ounces 7,246 9,202 -21%
Silver in dore, ounces 10,148 10,818 -6%
Refined gold, '000 ounces 7,644 9,343 -18%
Refined silver, '000 ounces 12,356 11,542 7%

TSG's majority shareholder is investment firm UFG Asset Management, holding a 79.62% stake, Firebird Funds owns 2.52% and 6.38% belongs to company directors. The company's shares are sold on the London Stock Exchange AIM market.

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(Our editorial staff can be reached at eng.editors@interfax.ru)

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