23rd Jul 2020 12:28
(Alliance News) - Petropavlovsk PLC on Thursday reported a rise in first half gold production and sales and said that its operations and logistics have not been interrupted due to Covid-19 and continue to work according to the original plan.
The Russian gold miner also said that it remains on track to meet 2020 production target of 620,000 ounces, including third-party concentrate processing. Gold production from the company's own ore remains on track to meet the full-year target of 430,000 to 460,000 ounces.
The FTSE 250-listed company, which is currently facing a board room tussle, saw gold production rise 42% year-on-year to 320,600 ounces in the six months to June 30 from 225,000 ounces a year ago. Second-quarter production increased to 134,300 ounces from 117,300 ounces.
Gold sales jumped 39% increase to 312,400 ounces from 225,000 ounces in the first half, including 170,900 produced from the processing of own and third-party refractory gold concentrates at the POX Hub.
Average realised gold prices in the first half jumped to USD1,640 per ounce from USD1,286, mainly due to market uncertainty created by the Covid-19 pandemic.
Shares in the company were up 20% at 37.50 pence each in London on Thursday.
By Tapan Panchal; [email protected]
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