(Alliance News) - Trans-Siberian Gold PLC on Tuesday reported year-on-year growth in revenue and gold production during its third quarter,edging closer to its 2019 output target.
In the quarter ended September 30, revenue rose by 28% year-on-year to USD14 million from USD11 million.
Gold production from its Asacha mine in Russia rose by 7.9% to 12,620 ounces from 11,698 ounces in the third quarter of 2018. There was an 18% year-on-year decline in silver production, however, to 24,686 ounces from 30,203 ounces.
Trans-Siberian said: "A decrease in silver production numbers for the quarter was expected, and is the result of a different ore body being mined during the period. It is not material to the group's overall financial performance. Management do expect higher silver - gold mineralisation at the depth in the ore body."
Revenue for the first nine months of the year totalled USD44.3 million, up 13% year-on-year from USD39.2 million, with gold production rising 19% to 34,509 ounces from 29,059 ounces.
The company said it is on-track to meet the upper-end of its full-year output guidance of between 40,000 ounces and 44,000 ounces.
Chief Executive Alexander Dorogov said: "I am pleased to announce our production results for the third quarter and first nine months of 2019, that are underpinned by our continued operational improvement. We are particularly delighted to note that following a substantial increase in the average gold price last quarter, we have successfully maintained the high grade of 8.3 grammes per tonne during this period."
Shares in the company were 4.2% lower at 91.52 pence each in London on Tuesday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.