Quick Facts
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

Petropavlovsk Q3 Gold Production Down; Cuts 2013 Gold Production View

10/22/2013 2:58 AM ET

Petropavlovsk Plc. (POG.L) said Tuesday that its third-quarter gold production was 204,400 ounce, down from last year's 219,400 ounce.

The Group's average realised gold sales price of $1,495/oz for third-quarter 2013 included a $157/oz benefit from hedging. This compared with a price of $1,683/oz in the same period in 2012, reflecting the fall in the global gold price.

Total gold production and sales for the first nine months of the year amounted to 499,100 ounce and 512,900 ounce respectively, slightly higher than the corresponding period in 2012.

Total cash costs for hard-rock mines are expected to be within but at the top end of the previous guidance of $900/oz-$1,000/oz, due to the processing of some high-grade material likely to be shifted to first-quarter of 2014, which was previously envisaged to be processed in 2013.

The company said its cost-cutting and cash conservation programme is on track. Since the beginning of the year central administration costs have been reduced by about20% compared with 2012. As a result of cost cutting and working capital optimisation, net debt fell by $70 million in third-quarter of 2013 to $1.08 billion as at 4 October and the Group remains on track to reduce net debt to $1 billion by year-end.

The company said that production is still affected in some areas due to flooding and this has prompted the Group to reduce its gold production guidance for 2013 to 740,000-750,000oz, a reduction of approximately 2-3% from the previous guidance.

Register
To receive FREE breaking news email alerts for Petropavlovsk PLC and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Chipmaker Advanced Micro Devices Inc. said Thursday after the markets closed that its first quarter loss narrowed from last year, helped by strong revenue growth in its graphics and visual solutions business. The company's quarterly earnings per share, excluding items, also came in above analysts' expectations as did its quarterly revenue. After trending higher over the past few sessions, stocks showed a lack of direction throughout the trading day on Thursday. The major averages spent the session bouncing back and forth across the unchanged line before ending the day mixed. While the major averages closed on opposite sides of the unchanged line, they all showed only modest moves. U.S. Secretary Of State John Kerry said Thursday that he and his counterparts from Russia, Ukraine and the European Union have reached an agreement on a preliminary plan for ending the ongoing crisis in Ukraine. Kerry was speaking at the end of the Ukraine contact group's first meeting, comprising the foreign ministers of Russia, Ukraine, the EU and the U.S., in the Swiss city of Geneva.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.