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Trans-Siberian Gold Suffers Decline In Production In First Quarter

Fri, 21st Apr 2017 13:19

LONDON (Alliance News) - Trans-Siberian Gold PLC on Friday said gold production fell year-on-year in the first quarter of 2017 at the Asacha gold mine in eastern Russia.

During the period, 41% of ore delivered to the plant was new stoping ore, with an average grade of 7.9 grammes per tonne. The miner said in order to maintain monthly plant throughput of at least 12,500 metric tonnes, it was necessary to process earlier run-of-mine ore which contained lower grades of gold.

As a result, gold production in the first quarter of 2017 decreased to 7,644 ounces from 9,343 ounces in the first quarter of 2016.

Trans-Siberian also noted that extraction of new stoping ore was hindered during the period by a lack of underground equipment, flooding at lower levels and the failure of mobile pump equipment which also led to a slowdown in some of the major mine development activities.

However, with new mobile pumps now in place and the arrival of new underground machines, the company said it expects to be able to accelerate all mining activities.

"The company has started preparation for ore cutting in the upper part of the interval between the 150 metre and 100 metre levels, which should facilitate access to higher grade ore, and thus expects to gradually increase gold production from the third quarter onwards," Trans-Siberian said in a statement.

Trans-Siberian expects to achieve full-year gold production of between 32,000 and 36,000 ounces, compared with 35,550 ounces in 2016.

Shares were trading down 10% at 39.01 pence on Friday.

By Karolina Kaminska;; @KarolinaAllNews

Copyright 2017 Alliance News Limited. All Rights Reserved.

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