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Petropavlovsk posts 53% YOY rise in Q3'19 gold sales

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Petropavlovsk posts 53% YOY rise in Q3'19 gold sales

Petropavlovsk PLC's third-quarter gold sales shot up 53% year over year to 126,400 ounces as output grew across two of its three main mines in Russia's Far Eastern Amur region, according to an Oct. 21 news release.

The company's largest asset by reserves and resources, Malomir, more than tripled production year over year to 39,600 ounces. The mine is transitioning away from mining nonrefractory to refractory ore, which requires flotation concentration followed by pressure oxidation.

Farther to the east, the company's largest producer, Albyn, saw output rise 22% to 47,000 ounces.

Including output of 700 ounces from Petropavlovsk's now closed Pokrovskiy mine, its Pioneer operations saw production decline 1.3% to 31,000 ounces. The pressure oxidation hub at Pokrovskiy produced 8,800 ounces of gold from third-party concentrate.

The company's average realized gold price rose 12% year over year to US$1,388 per ounce, including a negative US$89/oz hedging effect.

The company remains on track to meet its full-year sales guidance of between 450,000 and 500,000 ounces of gold.