http://www.kitco.com/charts/livegold.html

cheers GF.

Ex-div 3rd Oct '12 (5p)

StockMarketWire.com
"Liberum Capital this morning upgraded the gold producer Petropavlovsk (LON:POG) to "buy" from "hold" despite on-going balance sheet concerns as gold prices continue to rise. Liberum analysts commented: 'Petropavlovsk"s solid operational performance continues to be overshadowed by balance sheet concerns leaving very little headroom for project delays, ubiquitous capex overruns or commodity price corrections. However the gold price is up 7% since we downgraded Petropavlovsk to a hold on balance sheet fears. We now see downside limited by softening concerns over financial covenants in a positive gold pricing environment and upgrade Petropavlovsk to BUY."

Production Report for Q3 2012 and Interim Management Statement

Summary

Q3 gold production of 219,400oz, 39% higher than the previous quarter

9 month gold production of 498,500oz up 11% on the corresponding period in 2011

On track to achieve full year production target of at least 700,000oz of gold

9 month average realised gold price up 4% on the corresponding period in 2011

Total cash costs for the full year are expected to remain in line with H1 2012

Development of the Pressure Oxidation Hub continues to be on schedule

StockMarketWire.com
Petropavlovsk, which holds a majority stake in IRC, has announced the completion of a technology upgrade at its Kuranakh operation.

This has resulted in a 150% increase in IRC's ilmenite capacity and the reaffirmation of the company's targets for 2012 and beyond.

The company has said its 2012 intermediate production target is 125,000 tonnes and will be 160,000 tonnes for 2013 and beyond.

The upgrade has been completed at a cost of just under $3m, within budget and on time.

Sales volumes for ilmenite remain strong.

Back at support, third time since September. Gold spot prospects improving, price target upgrades last week to 800p in one case. Are we due a bounce? Hope so as I've got some and have topped up at this level. Is Mr Market going to give us one more downleg before Xmas rally and easing fiscal cliff worries though?

IRC: Iron Ore Production Target Achieved

Petropavlovsk PLC ("Petropavlovsk" or together with its subsidiaries, "the Group") is pleased to confirm that IRC Limited ("IRC"), a company in which Petropavlovsk holds a majority stake, has announced today that its 2012 iron ore production target of 820,000 tonnes has already been exceeded, with production ongoing. IRC anticipates that it will produce an additional 120,000 to 140,000 tonnes of iron ore before year-end, an approximate 15% increase over the original target. Production of by-product ilmenite continues at expanded capacity following the recent technology upgrade and is expected to be close to guidance of 125,000 tonnes for 2012.

IRC was the Group's Non-Precious Metals Division prior to its listing on the Stock Exchange of Hong Kong Limited (stock code 1029).

The full announcement may be found on IRC's website, http://www.ircgroup.com.hk.

StockMarketWire.com
Petropavlovsk said IRC Ltd, in which it holds a majority stake, had exceeded iron ore production targets at its Kuranakh Mine by 18%, and that its 2013 production targets were significantly higher.

IRC's production targets for 2013 were for 900,000 tonnes of iron ore, up 10% year on year, and 160,000 tonnes for ilmenite, up 28%, Petropavlovsk said in a trading statement.

It further said that the K&S Project construction and operations were on track.

StockMarketWire.com
Petropavlovsk hiked its 2013 gold production target after achieving a 13% rise in output in 2012, also announcing its stake in IRC may be reduced to 40% as other investors weigh in.

The company said full-year gold production rose about 13% to 710,400 oz, which was ahead of guidance. It said its 2013 production target was between 740,000 oz and 780,000 oz.

It said the average realised gold sales price rose by about 3% to $1,670/oz in 2012.

Petropavlovsk said it experienced strong operating cash flowing during the second half of 2012.

Early estimates indicated net operating cash flow rose about five times, against the first half, to about $230 million.

Petropvalovsk also announced a potential $238 million investment in its former subsidiary IRC by new shareholders to support production growth, which would reduce its stake to about 40%. The new shareholders would own about 36%, the company said.

IRC was previously a wholly-owned unit of Petropavlovsk, but was spun off in an initial public offering on the Hong Kong stock exchange in 2010.

"A pro-rata indemnity on the existing guarantee with the Industrial and Commercial Bank of China, reducing the Company's exposure under the guarantee, will be implemented on full completion of all stages of the investment, which is expected to be in Q3 2013," Petropavlovsk said in a statement.

Meantime, Petropavlovsk's net debt position, excluding IRC, was about $1.1 billion. The net debt position of IRC changed from about $68 million at June 30, 2012, to about $110 million at Dec. 31.

At Jan. 1, 2012, the group had about $153 million worth of committed, but undrawn, debt facilities.

StockMarketWire.com
Citigroup cuts Petropavlovsk to netural from buy, target 377p from 501p

Notice of Hedging Agreements
Petropavlovsk PLC ("the Company" or, together with its subsidiaries, the "Group") announces that the Group has entered into financing contracts to sell a total of 399,000 ounces of gold over a period of 14 months ending in March 2014 at an average price of US$1,663 per ounce. This represents 46% to 47% of the Group's forecast production for the period and guarantees a minimum revenue stream of c. US$ 664 million.

These financing arrangements increase the certainty of a significant proportion of the Group's cash flow whilst the Group continues its capital investment in its Pressure Oxidation Project and the further development of its mining and processing operations at Malomir and Albyn. It does not reflect the Company's view of the likely future course of the US$ gold price.

StockMarketWire.com
JP Morgan Cazenove has restated its "overweight" recommendation on Petropavlovsk (LON:POG) after the company announced that it had hedged a significant proportion of its future gold production. The City broker reduced its price target slightly to 500 pence from 525 pence. "Petropavlovsk"s announcement that it is has hedged almost half its gold output over the next 14 months should, in our view, be seen as a positive for the shares, analyst Roger Bell said in a note to clients. Not only is the average hedge price of $1,663/oz already in the money, it also protects cashflow at a critical juncture for investment in the POX plant and reduces the price at which POG would theoretically breach debt covenants by ~10% to <$1,350/oz. While risks around the growth strategy remain high, we continue to see POG as a potentially high return story and maintain our overweight, albeit with a slightly lowered Dec 13E price target of 500p (525p).

G/F or anyone else who looks at it, How do you find the info on that Kitco.com message board, Any good?

how come these are droping like a lead balloon

Won't be the price of Gold as that's up a bit this morning.

This won't have helped.

Nomura Reduce 256.40 274.50 760.00 240.00 Reiterates

Can t fall any further?

Most of the gold mining companies, and most mining companies in general, have for a long while been a complete disaster to hold.
Even good news with many of them produces a fresh wave of selling.
Has anybody any idea when this sector will turn round ?

Gold is Dollar price related so will depend on that, obviously if there is some world conflict related news then that might change the price as well.. All ifs and buts as usual CP -):

I think money is expected to move from Gold to shares.

HARRYCUT, do you still hold?

Yes, unfortunately!
Mining sector is out of favour atm, so will sit tight on this until it starts to recover and may then average down.