Petropavlovsk ups gold goal

PETROPAVLOVSK’S shares soared yesterday as the Russian gold miner lifted its production targets and announced a potential $238m (£149m) investment in subsidiary IRC by new shareholders.

The investment, from General Nice Development and Minmetals Cheerglory, will be used to fund production growth.

The FTSE 250 miner posted a 13 per cent year-on-year increase in gold production to 710,400 ounces over 2012. It has hiked this year’s output forecast to between 740,000 and 780,000 ounces, a year-on-year increase of between four and 10 per cent.