22nd Oct 2013 08:07
LONDON (Alliance News) - Petropavlovsk PLC Tuesday said its gold production fell 6.8% during its third quarter compared to the previous year as major flooding in the Amur region of Russia hit the company.
The gold production company said its total gold production fell to 204,400 ounces for the three months ended September 30 compared to 219,400 ounces the previous year.
The company said the most major fall in its gold production came from its Pioneer site where production fell 26% to 59,400 ounces from 80,800 ounces as the company was unable to access its high grade ore scheduled for processing during the quarter due to major flooding in the Amur region in the far-east of Russia.
The company said that despite the heavy rain and flooding in the region gold produced during the period and unit costs remained within its 2013 guidance.
However, Petropavlovsk said it is having to reduce its full-year production guidance by roughly 3% to 740,000 ounces from 750,000 ounces.
Petropavlovsk shares were down 1.4% to 71.75 pence in early trading Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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