Edition:
United States

Petropavlovsk Lowers FY Gold Production Guidance


Monday, 30 Jul 2018 02:01am EDT 

July 30 (Reuters) - Petropavlovsk PLC ::13% YOY DECREASE IN H1 TOTAL GOLD PRODUCTION TO C.201,400OZ VERSUS C.232,400OZ IN H1 2017.DECREASE IN H1 TOTAL GOLD PRODUCTION DUE TO LOWER GRADES PROCESSED AND A DECREASE IN CONTRIBUTION FROM GOLD IN CIRCUIT.H1 13% YOY DECREASE IN PHYSICAL VOLUMES OF GOLD SOLD - C.201,400 VERSUS C.231,800 IN H1 2017.FULL YEAR PRODUCTION EXPECTED TO BE WITHIN REVISED RANGE OF C.400-410KOZ (FROM C.420-460KOZ).CASH COSTS OF PRODUCTION ARE CURRENTLY EXPECTED TO BE 15-20% HIGHER THAN GUIDANCE GIVEN AT BEGINNING OF YEAR.ALEXEY DUBYNIN HAS BEEN APPOINTED AS CHIEF FINANCIAL OFFICER.NEW BOARD IS RESOLVED TO ACHIEVE A SOLUTION TO REMOVE COMPANY'S GUARANTEE OF IRC'S BANK DEBT.POX COMMISSIONING EXPECTED IN DECEMBER 2018 VERSUS PREVIOUS GUIDANCE OF Q4 2018.ANNOUNCES APPOINTMENT OF MR BEKTAS MUKAZHANOV AS A NON-INDEPENDENT NON-EXECUTIVE DIRECTOR ON 27 JULY 2018. 

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