Petropavlovsk targets 11pc lift in production

RUSSIA-FOCUSED gold miner Petropavlovsk said yesterday its full year output will rise 11 per cent to 680,000 ounces in 2012, having beaten last year’s target on the back of higher output at its flagship Pioneer mine.

“The group’s 2012 target is 680,000 oz. a compound annual growth rate of 26 per cent since the group first listed in 2002,” the company said in a statement.

Petropavlovsk, which operates four open-pit gold mines in Russia’s Far East, produced 630,100 oz during 2011, ahead of its own forecast for 600,000 oz.

Production at Pioneer rose 56 per cent due to operational improvements. Petropavlovsk shares rocketed more than 10 per cent yesterday, outperforming a broader rise in commodity stocks.