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Petropavlovsk misses guidance as fourth-quarter output slumps 30%
StockMarketWire.com
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Russia-focused gold miner Petropavlovsk said its production had dropped 30% in the fourth quarter, causing it to fall short of its annual guidance.
Gold output for the three months through December fell to 113.5 ounces, down from 161.7 ounces year-on-year.
The fall in the fourth quarter limited full-year output to 548.1 ounces, which was nevertheless 6% higher than 2019's 517.3 ounces.
Petropavlovsk pinned the fall in fourth-quarter production on a number of factors, including delays caused by underground contractors and the Covid-19 pandemic.
It achieved an average realised gold price for the year of $1,748 an ounce, down from $1,346 in 2019.
Chief executive Denis Alexandrov said annual production was slightly below company guidance but broadly in line with market expectations.
'We also made solid progress on our development projects such as the Pioneer flotation plant and Malomir expansion,' he said.
'The new management team and I have started visiting the mines and conducting a comprehensive review of our operations, management structure, and budget and forecast for 2021.'
'This work will position us to update our guidance on production and capital expenditure targets for the year ahead.'
Story provided by StockMarketWire.com
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