25th Jan 2016 09:36
LONDON (Alliance News) - Gold miner Petropavlovsk PLC on Monday said its total gold production dipped in 2015 amid declines across its existing operations and set its guidance for the coming year at a lower level still.
The company said its annual gold production hit 504,200 ounces, down from 624,500 ounces a year earlier, with declines across its operations. It said its gold production guidance for 2016 at 460,000 to 500,000 ounces.
The decline in production is in line with the group's decision to focus on its more profitable operations and to curtail production at loss-making sites.
The company said its gold sales for the year hit 481,900 ounces, with an average realised price of USD1,178 per ounce.
Chief Executive Pavel Maslovskiy said the key achievement for the year for the company was the refinancing of its convertible bonds, the completion of which will improve its financial position and allow it more headroom to follow its new strategy in the coming year.
Shares in the company were trading flat at 5.42 pence on Monday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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