Russia's Petropavlovsk aims to boost H2 gold output

Russia-focused gold miner Petropavlovsk aims to boost its gold production during the second half of 2012 after its first half gold output rose 27 per cent, the company said on Wednesday.

Its first half gold production was 279,100 troy ounces, up from 219,100 ounces, year-on-year, and in line with the group's 2012 production target of 700,000 ounces.

Production during the second half of 2012 is expected to be higher than in the first half due to a greater contribution from the group's seasonal heap-leach and alluvial operations and its expanded processing capacity at the Pioneer and Albyn mines in Russia, it added.

During the first half of 2012 the company sold 286,000 ounces of gold, an 8 per cent increase year-on-year, for an average price of $1,639 (£1,056) per ounce