Share Prices & Company Research

Market News

31 Mar 2021 | 07:04

Petropavlovsk forecasts fall in annual production

(Sharecast News) - Russian gold miner Petropavlovsk said it expected a fall in annual production with a lower third-party contribution due to a failure to secure enough concentrate for processing. The company, which saw a boardroom shakeup last year, said it expected total 2021 gold production of 430 - 470,000 ounces (koz), down from the 548,100koz reported a year ago.

It added that this would be made up of own gold production of 370 - 390koz and third-party gold production of 60 - 80koz.

Capital expenditure was forecast to rise to $140m, including exploration spend of $20m, from $118m in 2020.

"Management disruption in 2020, prior to the arrival of the new executive team, resulted in the company missing the crucial annual contracting window to secure sufficient concentrate for 2021 delivery and processing," the company said.

"However, efforts are underway to source additional material to meet the guided range and secure supplies for 2022."

Petropavlovsk said it planned to deliver a new medium-term corporate development strategy by the third quarter, followed by the proposal of a dividend policy and finish a full management restructuring by the end of the second quarter "including addressing management oversight and talent gaps within the existing structure".
Get in touch today
Join Redmayne Bentley
Talk to us now about opening a new account or transferring your account from another provider
0113 243 6941
Get in touch today
Contact your local office
Contact your local office to find out more
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.
Continuing our Personal Service: View our Latest COVID-19 Update: 14th May 2021
We use cookies on this site to improve your experience and help us provide you with a better website. An explanation of the cookies we use and their purpose can be found within our Cookie Policy. Your continued use of this site means you consent to the use of cookies.