Petropavlovsk to Meet Target

Russia-focused gold miner Petropavlovsk is on track to meet its gold production target this year while keeping a lid on debt and costs, the company said in a statement Tuesday.

It confirmed a 2013 gold output forecast of 760,000-780,000 troy ounces and said its first half gold production was up 6 percent, year on year, at 294,700 troy ounces.

But the company said the value of some of its assets was likely to be impaired in its first-half financial results as a result of a slide in gold prices. First-half results are due on August 29.

"Risks for 2013 production target remain as the company needs to increase gold output by 60 percent and gold grade [in ore] by 40-60 percent," said Nikolai Sosnovsky, an analyst at VTB Capital.