Trans-Siberian Gold benefits from depreciation of Russian Rouble

30th Sep 2016 11:29

(ShareCast News) - Trans-Siberian Gold, a Russia-based mining company, reported an increase in profits in the first half due to a fall in costs brought on by the depreciation of the Russian rouble against the US dollar.The firm's cost of sales and cash costs fell by 3.8% and 1.8% to$684/oz and $393/oz, respectfully.Revenue from the sale of 18,864 oz. of refined gold and 22,743 oz. of refined silver reached $23.2m and $350,000 in each case.The group's profit before tax rose to $6.6m in the first half from $3.1m in the previous period.Refined gold production was 5.3% higher at 18,680. The group's Asacha plant processed an average of 13,441 tonnes per month which was 7.5% above target.Cash and cash equivalents increased from $12.6m at 31 December 2015 to $18.0m.The share price fell 0.41% to 48.80p at 1209 BST on Friday.