Trans-Siberian Gold plc (TSG.L) announces its unaudited interim results for the period ended 30 June 2017.
- Revenue of $18.8 million (H1 2016: $ 23.6 million)
- Operating Profit of $1.3 million (H1 2016 restated: $ 6.4 million)
- Profit Before Tax of $0.5 million (H1 2016 restated: $ 5.4 million)
- Interim dividend of approximately $4 million
- Cash and cash equivalents of $ 9.6 million (H1 2016: $ 18 million)
- Debt of $16 million (H1 2016: $ 19.7 million)
- Refined gold production of 15,007 oz. (H1 2016: 18,680 oz.)
- Cash cost1 of $553/oz. (H1 2016 restated: $418/oz.)
- Average realised gold price of $1,233/oz. (H1 2016: $1,231/oz.)
- 94.1% average gold recovery (H1 2016: 95.1%)
- Ore extracted 93,693 tonnes (H1 2016: 87,348 tonnes)
- Ore processed 90,177 tonnes (H1 2016: 80,646 tonnes)
- Gold grades averaged 5.05 g/t (H1 2016: 7.74 g/t)
Charles Ryan, Non-Executive Chairman of TSG, commented:
"In the first half of 2017 we have faced a number of technical challenges and I am satisfied we have successfully overcome them. Whilst our short term financial performance may have suffered, largely due to lower grade ore being extracted we have seen a return of high grade ore (8-10 g/t) in recent months. We remain well positioned to deliver on our full year production guidance.
Our interim dividend of approximately $4m underlines our commitment to deliver returns for shareholders. Despite a difficult first half our balance sheet remains robust. I wish to reiterate the Company's commitment to pay sustainable dividends when possible. We are investing significantly in the business and look forward to the remainder of the year with confidence."
Copies of the Company's Interim Report and Accounts will be available on the Company's website: www.trans-siberiangold.com
+44 (0) 7799 694195
Cantor Fitzgerald Europe
+44 (0) 207 894 7000
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.
1 Excluding depletion, net of the silver credit and excluding royalties