Petropavlovsk sees lower annual output after flooding

22nd Oct 2013 13:06

Gold miner Petropavlovsk forecast lower annual production after bad weather caused flooding at its Russian mines.Petropavlovsk said atrocious weather meant it may not be able to get to some higher-grade deposits that it had planned to process this year until the first quarter of 2014.It expects annual production to fall about 3% to between 740,000oz-750,000oz due largely to flooding at its Pokrovskiy and Pioneer sites.It produced 204,400oz of gold between July 1st and September 30th, as against 219,400oz a year ago, and costs were within 2013 guidance.Total gold production and sales for the first nine months of the year were 499,100oz and 512,900oz respectively, slightly more than the same period in 2012.Shares in the group had fallen 1.25p to 71.5p by 1:04pm in London.PW