Petropavlovsk doubles revenue in 2011

FTSE 250 Russia-focused gold miner Petropavlovsk managed to double revenue in 12 months ended December 31st, helped by soaring metals prices and a ramp-up in production.

FTSE 250 Russia-focused gold miner Petropavlovsk managed to double revenue in 12 months ended December 31st, helped by soaring metals prices and a ramp-up in production.

Revenue jumped 106% from $612m to $1,262.5m, beating consensus estimates of around $1,228m. This was a result of a 52% increase in gold sold, a 29% rise in the average realised gold sale price (to $1,617/oz) and a 374% jump in revenue from Hong Kong-based iron ore producer IRC in which Petropavlovsk has a 65.6% stake.

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