Trans-Siberian Gold plc, a UK-based resources company developing gold mining assets in Russia, saw its six-month losses more than triple year-on-year to $3.9 million, the company said on Thursday.
“The results for the six months to 30 June 2012 were affected by operational difficulties at the Asacha mine, principally the lower than expected grade of ore delivered to the plant,” the company said in a statement.
Revenue from the sale of 12,708 oz. of refined gold and 15,372 oz. of refined silver was $21.0 million and $456,000 respectively. Average realized prices were $1,651 per oz. gold and $30 per oz. silver. Cost of sales per oz. gold was $1,663.
Cash cost per oz. gold was $651 during the reporting period.
TSG's activities are focused on the Kamchatka peninsula in the Russian Far East, where its Asacha and Rodnikova properties contain approximately 900,000 oz of gold and about 4 million oz of silver in total mineral resources calculated to JORC standards.