Trans-Siberian Gold PLC Energy Subsidy Agreement (6651Y)
03 Gennaio 2020 - 8:00AM
UK Regulatory
TIDMTSG
RNS Number : 6651Y
Trans-Siberian Gold PLC
03 January 2020
03 January 2020
Trans-Siberian Gold plc
("TSG", the "Company" or the "Group")
Signing of Energy Subsidy Agreement
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 Kamchatskenergo, the main provider of electrical
power in Kamchatka, to supply the Asacha Gold Mine on low-tariff
rates in 2020.
TSG has benefited from a reduced tariff of RUR 4.69/kWh during
2019 which has led to significant cost savings.
The new agreement confirms that Kamchatskenergo will continue to
supply electricity at a reduced tariff of RUR 4.75/kWh
(approximately US$0.077/kWh).
The programme of electricity subsidies supports a policy aimed
at encouraging investment into the Far East of Russia and aiding
economic growth in the region, following the implementation of
incentive measures introduced by the Russian Government.
Kamchatskenergo is a subsidiary of the RusHydro Group (MICEX:MOEX,
LSE: HYDR). Further information is available at:
https://kamenergo.ru
Alexander Dorogov, Chief Executive Officer of TSG,
commented:
"We are pleased that Trans-Siberian Gold will benefit from the
continued support of our local energy provider in 2020,
significantly reducing our energy costs as we operate at the lower
levels of the Asacha Gold Mine. Lower energy costs materially
reduce the financial burden for companies operating in the Far East
of Russia, and these regional economic growth incentives reaffirm
the attractiveness of the region for investment."
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
AGRFIFSRLDIVIII
(END) Dow Jones Newswires
January 03, 2020 02:00 ET (07:00 GMT)
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