Russia-focused gold miner Petropavlovsk says production dropped 49% in Q1 2021
(Kitco News) - Russia-focused gold mining company Petropavlovsk today announced that the company produced 95.6 koz of gold in Q1 2021, a decrease of 49% compared to Q1 2020 (186.2 koz).
The company said that its own mined gold production amounted to 82.4 koz in Q1 2021 (Q1 2020: 102.0 koz) with marginally higher Malomir production offset by reduced output at Albyn and Pioneer.
The 3rd-party concentrate gold production decreased to 13.2 koz in Q1 2021 (Q1 2020: 84.2 koz) due to expected lower volumes of concentrate available for purchase and lower grades in the concentrates supplied.
Petropavlovsk added that gold production from own ore in Q1 2021 was broadly in line with Q4 2020 and keeps the company on track to meet its 2021 guidance of 430 – 470 koz for the year.
Petropavlovsk (LSE: POG. MOEX: POGR) is a major integrated Russian gold producer with JORC Resources of 21.03Moz Au which include Reserves of 8.46Moz Au. Petropavlovsk's key operating mines (Pioneer, Malomir and Albyn) are in the Amur Region in the Russian Far East. Petropavlovsk has produced a total of c.8.3Moz of gold since operations began in 1994 and has a strong track record of mine development, expansion and asset optimisation.