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Petropavlovsk unveils promising Q4 results for subsidiary IRC

Petropavlosk has highlighted encouraging fourth quarter results for IRC, its former non-precious metals division, in which it now holds a majority stake.

Petropavlosk has highlighted encouraging fourth quarter results for IRC, its former non-precious metals division, in which it now holds a majority stake.

IRC's trading update for the fourth quarter to December 31st revealed that iron ore production had exceeded targets at the Kuranakh Mine by 18%.

IRC further reported that the 2013 production targets had been set higher at 900,000 tonnes for iron ore, representing a 10% increase year-on-year, and 160,000 tonnes for ilmenite, representing a 28% year-on-year increase.

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