Floods hit Petropavlovsk output

Gold miner Petropavlovsk yesterday said it produced 204,400oz of gold in the third quarter within full-year cost guidance, despite severe rain and widespread flooding in the Amur region of Russia where many of its assets lie. “We continued to produce high volumes of gold despite atrocious weather conditions and unprecedented flooding at our mines,” said chairman Peter Hambro. The FTSE 250-listed firm has reduced 2013 production guidance by two to three per cent as a result of the floods. Net debt stands at $1.08bn (£670m) and the company is on course to reduce this to $1bn by year-end.