(Alliance News) - Petropavlovsk PLC on Thursday reported a rise in 2019 gold sales during a year in which it performed in line with board consensus.
The gold producer said sales rose 39% to 514,000 ounces in the year ended December from 369,600 ounces in 2018. Petropavlovsk attributed this to the contribution from the POX Hub processing refractory in Russia, which was not in production the year before.
In the fourth-quarter alone, sales were 90% higher at 162,600 ounces from 85,400 ounces a year before.
Average realised gold price rose 12% to USD1,395 from USD1,244 in the fourth quarter of 2018.
From Petropavlovsk own mined operations, full-year gold sold rose 28% year-on-year to 471,600 ounces, comfortably within the 450,000 and 500,000 ounces guidance range.
Chief Executive Pavel Maslovskiy said: "All operations, including open-pit and underground mines, performed well and either met or exceeded expectations despite the extreme weather events last summer that caused multiple floods in the region."
For 2020, Petropavlovsk expects to "significantly increase" production to between 620,000 ounces from 720,000 ounces.
Shares in the company were 8.5% higher 14.32 pence each in London on Thursday morning.
By Eric Cunha; ericcunha@alliancenews.com
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