Petropavlovsk confirms tech update at IRC

Petropavlovsk said IRC, its former non-precious metals division now listed on the Hong Kong Stock Exchange, had completed a technology overhaul at its Kuranakh operation in Russia.

This would result in a 150% increase in ilmenite capacity and the reaffirmation of the company's targets for 2012 and beyond, Petropavlovsk said.

IRC's 2012 intermediate production target remains at 125,000 tonnes, with a 160,000 tonne estimate in place for 2013 and beyond.

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The upgrade was completed for just under $3m, within budget and on time, the firm added.

Sales volumes at expanded capacity and prices for ilmenite remained strong, it said.

Petropavlovsk has retained a majority stake in IRC following its floatation.

MM