Petropavlovsk looks to hike its gold production target for year

City A.M. Reporter
RUSSIAN gold miner Petropavlovsk is likely to increase its 2012 production target to reflect an increase in capacity at its flagship mines, chairman Peter Hambro has said.

The company, which operates open-pit mines in the Russian far east, is forecasting a 680,000 ounce production figure in 2012 – around eight per cent higher than last year – but this does not include planned expansion of the Pioneer and Albyn mines. Petropavlovsk reported a 52 per cent increase in the amount of gold it sold in 2011, which along with higher gold prices helped deliver a tenfold increase in full year net profit to $240.5m (£151.3m). Revenue more than doubled in the period to $1.3bn.