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Petropavlovsk: FY'16 gold output falls within reduced guidance

Petropavlovsk PLC's full-year output in 2016 totaled 416,300 ounces, compared to 504,100 ounces a year ago, meeting the company's recently revised guidance for the year.

The company cut its annual gold production forecast in mid-December 2016 to between 415,000 ounces and 430,000 ounces, with preliminary total cash costs of about US$700 per ounce, due to disruptions at the Andreevskaya deposit at its Pioneer gold mine in Russia.

Production decreases at the Pioneer, Pokrovskiy and Malomir mines were slightly offset by increased production at the Albyn mine, according to the company's Jan. 26 statement.

Sales for the year totaled 400,000 ounces, down year over year from 481,900 ounces, while the average realized gold price increased from US$1,178 per ounce to US$1,222 per ounce.

The company anticipates total cash costs of about US$700 per ounce for 2016, compared to US$749 per ounce the year before, with all-in sustaining cash costs of about US$800 per ounce, down from US$874 per ounce.

In 2017, Petropavlovsk expects to produce 420,000 ounces to 460,000 ounce of gold, with total cash costs in the range of US$600 per ounce to US$700 per ounce, and all-in sustaining cash costs of between US$800 per ounce and US$900 per ounce.

CapEx in 2017 is pegged at between US$100 million and US$110 million, of which about 60% will go toward the development of a pressure oxidation hub.

The company has outstanding forward sales contracts of about 50,000 ounces at a gold price of US$1,303 per ounce as of Dec. 31, 2016, it added.