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.

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.

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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