Petropavlovsk to Meet Target
- Jul. 24 2013 00:00
- Last edited 19:24
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.