StockMarketWire.com - Russian gold producer Trans-Siberian Gold said it has signed an agreement with Kamchatskenergo, the main provider of electrical power in Kamchatka, to supply the Asacha Gold Mine on low-tariff rates in 2020.

The producer said it had benefited from a reduced tariff of RUR 4.69/kWh during 2019, which led to 'significant cost savings', while the new agreement confirms that Kamchatskenergo will continue to supply electricity at a reduced tariff of RUR 4.75/kWh.

Trans-Siberian Gold chief executive Alexander Dorogov said: '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.'


At 9:39am: [LON:TSG] TransSiberian Gold PLC share price was +4.5p at 87.5p



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