Trans-Siberian Gold sees record production numbers in 2018

Trans-Siberian Gold updated the market on production at its Asacha Gold Mine for the three months the year ended 31 December on Tuesday, reporting record quarterly gold production of 13,069 ounces for the fourth quarter, up from 11,698oz in the third quarter.

The AIM-traded firm said year-on-year, the increase was 6.7%.

It said its gold grade improved by 5.8% to 9.1g/t over the prior year, while gold sold rose 80.5% to 16,399 ounces when compared to the third quarter.

Trans-Siberian said it was looking at a 77.0% increase in quarterly estimated revenue compared to third quarter, at $20.6m, and confirmed there were no reported injuries during the period.

For the full-year, Trans-Siberian said its annual gold production reached an all-time record of 42,128 ounces.

Total gold production exceeded the upper end of its 2018 production guidance, and it saw an 11.9% increase in its gold grade to 7.4g/t.

Gold sold during the year rose 35.7% to 45,956 ounces, with total estimated revenue improving 37.6% to $59.8m.

Trans-Siberian gave guidance for 2019 gold production of between 40,000 and 44,000 ounces.

“We are pleased once again to announce new quarterly and annual gold production records,” said chief executive officer Alexander Dorogov.

“The success of the ongoing improvement measures that have been implemented by our operational team in Kamchatka gives us a strong basis for higher levels of gold production and value creation in 2019.”