Russian gold miner Petropavlovsk ups 17% its own mined production in third quarter
(Kitco News) - Russian mining company Petropavlovsk(LSE: POG), one of the largest gold producers in Russia, announced today thatin Q3 2021, the company's total gold production amounted to 111.6 koz, a 2%decrease compared to Q3 2020 (114.1 koz), due to lower gold production from 3rdparty concentrates.
However, the company saidthat its own mined gold production during the period was 101.6 koz, a 17%increase compared to Q3 2020 (86.5 koz), with higher production across all the group'smines.
At the same time, the companyadded that 3rd-party concentrate gold production declined 64% to 10.1 koz in Q32021 (Q3 2020: 27.6 koz) due to planned maintenance at the Pokrovskiy POX plantin September and expected lower volumes as processing capacity was switched totreat concentrate from the new Pioneer flotation plant.
CEO Denis Alexandrov said, "Withimproved performance at each of our mines during the period, particularlyMalomir, and supported by the launch of the Pioneer flotation plant, the companyhas made progress in reversing the overall declining trend in quarterlyown-mined gold production seen since Q4 2019. We expect this trend to continuein the fourth quarter."
Importantly, the company saidit reiterates its full-year 2021 gold production guidance of 430 - 470 koz,comprising own gold production of 370 - 390 koz and gold production from3rd-party concentrate of 60 - 80 koz.
Petropavlovsk is a majorintegrated Russian gold producer with JORC Resources of 19.50 Moz Au, whichinclude Reserves of 7.16 Moz Au. The company's key operating mines (Pioneer,Malomir and Albyn) and its Pokrovskiy Pressure Oxidation (POX) Hub are locatedin the Amur Region in the Russian Far East. Petropavlovsk has produced a totalof c.8.6Moz of gold since operations began in 1994.
By Vladimir BasovFor Kitco News
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