Petropavlovsk cuts jobs

FTSE 250-listed miner Petropavlovsk yesterday said it had cut 720 jobs, reduced its office space and cancelled management bonuses, as it unveiled a six per cent increase in half-year gold production, with gold sales up four per cent. The firm is aiming to reduce its net debt and is targeting a nine to 12 per cent operating expenses reduction in the second half of the year. “We have made a good start in our debt reduction programme and are beginning to see the fruits of our substantial cost-cutting exercise,” said chairman Peter Hambro.