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16 Oct 2012 12:44
16 October 2012
IRC: Ilmenite Production Increase Completed
Petropavlovsk holds a majority stake in IRC Limited ("IRC"), the Group's former Non-Precious Metals Division prior to its listing on the Stock Exchange of Hong Kong Limited.
Petropavlovsk PLC is pleased to confirm that IRC has announced the completion of a technology upgrade at its Kuranakh operation, resulting in a 150% increase in ilmenite capacity and the reaffirmation of the Company's targets for 2012 and beyond.
Key Highlights:
n More than 150% increase in ilmenite production capacity
n Reaffirm 2012 intermediate production target of 125,000 tonnes and 160,000 tonnes for 2013 and beyond
n Upgrade completed at a cost of just under US$3 million, within budget and on time
n Sales volumes at expanded capacity and prices for ilmenite remain strong
The full announcement may be found on IRC's website, http://www.ircgroup.com.hk.
IRC advises that it is intending to release its 2012 Third Quarter Trading Update on Thursday, 18 October 2012.
Enquiries
Petropavlovsk PLC Alya Samokhvalova Rachel Tuft
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+44 (0) 20 7201 8900
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College Hill David Simonson Matthew Tyler Anca Spiridon |
+44 (0)20 7457 2020 |
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