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Petropavlovsk Making Solid Progress Despite Slight Dip In Gold Output

Fri, 26th Oct 2018 08:19

LONDON (Alliance News) - Russian miner Petropavlovsk PLC on Friday reported a slight dip in third-quarter gold production, though the firm has made "good" operational progress.

For the three months to September 30, Petropavlovsk's output was 102,000 ounces of gold compared to 104,000 ounces the year before. This year's figure also included 19,700 ounces of gold in concentrate, versus none a year before.

Looking ahead, the company affirmed 2018 production guidance of between 420,000 ounces and 450,000 ounces of gold. It had previously lowered, then increased again, its guided figure.

In 2017, Petropavlovsk's production came in at 439,600 ounces of gold, meeting guidance.

Operationally, Petropavlovsk is on track with its pressure oxidation hub, or POX hub, at the Pokrovskiy mine in Amur region in the Russian Far East.

Chief Executive Pavel Maslovskiy said: "I am pleased to confirm Petropavlovsk has made good operational progress during the third quarter of 2018 with the key management priority being the development and commissioning of the POX Hub at Pokrovskiy."

Shares were down 1.5% in early trade on Friday at a price of 6.41 pence each.