Petropavlovsk Gold First Half Output Up 27%

London-listed Petropavlovsk Group, which has gold and mining operations across Russia, saw its 2012 first half gold production jump 27 percent year-on-year to 279,100 troy ounces, the firm said in a statement on Wednesday.

The company’s gold sales in the first six months of 2012 rose eight percent to 286,000 ounces with an average sale price growth to $1,639 per ounce, up from $1,455 the previous year.

Petropavlovsk also reiterated its forecast on 2012 gold production at 700,000 ounces. The company expects gold output in the second half of this year to be higher than in January-June 2012 due to expanded processing capacity at its Pioneer and Albyn gold deposits located in Russia’s Far East.

“We are delighted to look back on six months of record gold production at our mines, following yet another quarter of strong operational performance. Our track-record of building a … multi-mine portfolio was strengthened further with the commissioning, ahead of schedule, of the fourth processing line at Pioneer and the second processing line at Albyn,” Petropavlovsk CEO Peter Hambro said.

Petropavlovsk, formerly known as Peter Hambro Mining, has been listed on the London Stock Exchange since 2002.


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