Petropavlovsk on track for 2012 production target
Russian gold miner Petropavlovsk has maintained its production targets for the full year and reported progress in its exploration work.
Russian gold miner Petropavlovsk has maintained its production targets for the full year and reported progress in its exploration work.
Attributable production across its five mines for the second quarter was 158,300 ounces, a 10% rise on the same period of 2011.
The second-quarter performance means the first half of the year was 27% ahead of 2011, with total production of 279,100 ounces.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Petropavlovsk has reiterated its 700,000 ounce target for the full year, betting that it will get a bigger contribution from seasonal heap-leach and alluvial operations and expanded processing capacity at the Pioneer and Albyn sites.
The firm is hinting there has been some success with exploration in the Amur region, telling the market a new reserves estimate will be published on August 23rd.
Petropavlovk's shares had risen 6.8% by 09:49.
BS
-
FTSE 100 hits record highs – why is it rising and will we see more gains?
Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
By Marc Shoffman Published
-
How to invest in copper
It may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
By Dominic Frisby Published