Trans-Siberian Gold said its 2019 H1 profit was up 170% to US$8.5 million on production of 21,889oz of gold dore and 32,155oz of refined gold.

EBITDA was $14.4 million, up 62%, and revenue rose 9% year on year.

During the first half, the company paid a special interim dividend of 5c per share and completed a 21% share buyback, using debt financing. 

Its average gold grade was up 39%, yoy, in the first half at 8.6g/t and the average selling price for gold was $1,312/oz. The company's total cash cost went down 25% to $672/oz and its AISC also fell 38% to $850/oz.

Trans-Siberian Gold operates the Asacha underground gold mine in Kamchatka in Russia's far east. 

The company acquired a development and exploration licence for its Rodnikova deposit, and said it was on track to achieve its annual production guidance for 40,000-44,000oz.

"We have seen some exciting accomplishments over the period, including the addition of two highly experienced individuals to our senior management team, the acquisition of the licence for the high-calibre Rodnikova deposit, one of the largest gold fields in South Kamchatka, and the completion of a $7.6 million share buyback," said Trans-Siberian Gold chief executive Alaxander Dorogov.

"With the issuance of our seventh consecutive dividend, I am very pleased to be confirming our commitment to continued shareholder returns, and we look forward to the remainder of the year with optimism."

Trans-Siberian Gold (AIM: TSG) shares were trading at 115p on Wednesday. The company's share price has consistently increased since May, when its shares were worth 47.5p.