Petropavlovsk plans to cut costs

FTSE 250 miner Petropavlovsk revealed yesterday that it plans to make cash savings and cost cuts in response to volatility in gold prices. The Russia-focused company said it has approved adjustments to its business plan this year, including estimated cash savings of $160m (£105m) to strengthen its financial position against falling commodity prices. The changes include a delay in the start-up of the pressure oxidation (POX) hub and the Malomir flotation by 12 to 18 months, deferring $150m in capital expenditure which would have been incurred in 2013, plus cost cutting aimed at saving $10m to $15m.