Trans-Siberian Gold PLC Admission to Advanced Special Economic Zone (9044W)
16 Dicembre 2019 - 8:00AM
UK Regulatory
TIDMTSG
RNS Number : 9044W
Trans-Siberian Gold PLC
16 December 2019
16 December 2019
Trans-Siberian Gold plc
("TSG", the "Company" or the "Group")
Admission to Advanced Special Economic Zone
Trans-Siberian Gold plc (TSG.LN), a low cost, high grade gold
producer in Russia, is pleased to announce the signing of an
agreement with Russia's Far East Development Corporation officially
confirming the Company's residency in the Kamchatka Advanced
Special Economic Zone ("ASEZ"). Ratifying agreements were also
signed with the Government of Kamchatka.
The ASEZ programme was established by the Russian government in
2014 with the aim of encouraging new investments in the Far East of
Russia and aiding economic growth by providing preferential
business terms to organisations operating within the region. The
programme currently comprises 20 priority development areas,
including Kamchatka, where TSG operates.
As a confirmed resident of ASEZ, TSG will benefit significantly
from reduced income taxes, metals royalties, property taxes and
land taxes for a certain period of time. The Company estimates that
the potential benefits of inclusion within the Special Economic
Zone may contribute to approximately $6m in cost savings over the
next 7 years. Additionally, the Company may be entitled to an
accelerated process for the refund of VAT expenses incurred.
In accordance with the agreement, TSG will implement a number of
new capital investment projects including the development and
construction of an extension to the Asacha Gold Mine, known as Vein
25. Additionally, TSG will invest in a ventilation unit and procure
additional mining equipment for the mine. The Company expects to
invest up to $21.2m until 2024 which will lead to the creation of
approximately 68 new jobs within the region. These capital
investments are in line with management expectations.
Vein 25 is situated in the East Zone of the Asacha Gold Mine and
is not currently being mined. Vein 25 is a good example of the
near-site potential of the existing mining operation. Preliminary
mine development has already commenced. Further details about the
ore-body at Vein 25 will be included within the updated Mineral
Resource Estimate for the Asacha Gold Mine which is expected to be
released shortly.
Alexander Dorogov, Chief Executive Officer of TSG,
commented:
"We are highly appreciative of the support provided by the
Regional Government of Kamchatka and our inclusion into ASEZ
programme. It is an excellent government initiative that benefits
the region as well as multiple additional stakeholders. We have
already completed a large programme of capital investment at the
Asacha Gold Mine over recent years including planned maintenance of
the mill, establishment of an underground water pumping station and
main infrastructure and the enlarged tailing facilities. However,
with the benefits of ASEZ status, we look forward to accelerating
the development of Vein 25, a new vein at the Asacha Gold
Mine."
Vladimir Ilyukhin, Governor of Kamchatka, noted:
'The mining sector is one of the foundations of development of
Kamchatka. We expect that construction of new projects and the
development of existing ones will contribute positively to the
regional budget, provide new jobs and infrastructure development.
The implementation of new project will provide Gross Regional
Product growth up to 1.16 billion rubles per year.'
ENDS
Contacts:
TSG
Stewart Dickson +44 (0) 7799 694195
Arden Partners plc
Paul Shackleton (Corporate Finance)
Tim Dainton / Fraser Marshall (Equity Sales) +44 (0) 207 614 5900
Hudson Sandler (Financial PR) +44 (0) 207 796 4133
Charlie Jack / Katerina Parker / Elfreda
Kent
About TSG
TSG is focused on low cost, high grade mining operations and
stable gold production from its 100% owned Asacha Gold Mine in Far
East Russia. The Group also holds the licence for the development
and exploration of the Rodnikova deposit, one of the largest gold
fields in South Kamchatka.
Additional information is available from the Company's website:
www.trans-siberiangold.com
Market Abuse Regulations
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.
Disclaimer
This announcement contains "forward-looking statements" - that
is, statements related to future, not past, events. In this
context, forward-looking statements often address our expected
future business and financial performance, and often contain words
such as "expects," "anticipates," "intends," "plans," "believes,"
"seeks," "should" or "will." Forward-looking statements by their
nature address matters that are, to different degrees, uncertain.
For us, uncertainties arise from the behaviour of financial and
metals markets, fluctuations in interest and/or exchange rates and
metal prices; and from numerous other matters of national, regional
and global scale, including those of a political, economic,
business, competitive or regulatory nature. These uncertainties may
cause our actual future results to be materially different that
those expressed in our forward-looking statements.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCCKPDNFBDDQBD
(END) Dow Jones Newswires
December 16, 2019 02:00 ET (07:00 GMT)
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