* Petropavlovsk's net debt stood at $1.2 bln at the end of
* Says Q1 gold output rose 13 percent y-on-y
* On track to produce 760,000-780,000 oz of gold in 2013
MOSCOW, April 23 Russia-focused gold miner
Petropavlovsk Said on Tuesday it is reviewing its
capital spending strategy after a sharp fall in the price of
The company decided to review its strategy after the price
of gold, caught in a tug-of-war between physical buyers
seeking bargains and wary investors cutting exposure to it, fell
about 15 percent since the start of this year.
Petropavlovsk said the review will not affect its
"The focus for 2013-14 has been to complete our
major capital spending programmes and then commence the process
of driving down the debt incurred to pay for those projects,"
Peter Hambro, chairman of Petropavlovsk, said in a statement.
Gold was seen at $1,412 per ounce by 0647 GMT.
The company, whose net debt stood at $1.2 billion at the end
of March, has prepared for the current volatility in the gold
price via forward sales contracts. Almost half of its production
over a period of 14 months ending March 2014 is hedged at $1,663
Its gold production in the first quarter of 2013 rose 13
percent over the same period a year ago to 136,800 ounces. The
firm said also it was on track to produce its target of
760,000-780,000 ounces of gold this year.