Petropavlovsk Quarterly Gold Sales Rise, Expects Annual Growth

(Alliance News) - Russian miner Petropavlovsk PLC on Monday reported an increase in gold sales ...

Alliance News 21 October, 2019 | 10:55AM
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(Alliance News) - Russian miner Petropavlovsk PLC on Monday reported an increase in gold sales for the third quarter of 2019, following the continued ramp up of the pressure oxidation hub at the Pokrovisky mine in Russia.

For the period, the miner achieved 126,400 ounces in gold sales, up 53% from 82,000 ounces the prior year, while the averaged realised gold price was USD1,388 per ounces, up from USD1,228.

For the first nine months of 2019, Petropavlovsk reported 351,400 ounces in gold sales, up from 284,200 the year before.

Looking ahead, the group said it remains on-track to meet its 2019 sales target of 450,000 to 500,000 ounces. In 2018, Petropavlovsk reported gold sales of 369,600 ounces.

"I am pleased to announce that our operations have continued to perform in line with forecasts and that the smooth ramp-up has continued at the POX hub where we have now successfully commenced treating third party concentrates during the quarter," said Chief Executive Officer Pavel Masklovisky.

"I am particularly pleased with our operations at the new flotation plant at Malomir which have so far exceeded all expectations. Our engineers are now aiming to enhance performance even further by increasing both throughput and concentrate grades. Any increase in throughput would reduce our reliance on processing third party material while increasing economies of scale," Masklovisky added.

Shares in Petropavlovsk were up 2.2% at 9.79 pence on Monday in London.

By Dayo Laniyan;

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Petropavlovsk PLC 26.25 GBX -0.38 -

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