U.K.-registered Petropavlovsk Plc, which operates in Russia, has decreased its forecast for production of gold in 2016 to 415,000-430,000 ounces from 460,000-500,000 ounces with an average production cost of about $700 per ounce, the company said in a statement.
The new forecast followed re-estimation of the impact from suspension of production at the Andreyevskaya deposit of the Pioneer field. Petropavlovsk suspended production there in late November due to an early severe frost.
“The company’s mines at Albyn, Malomir and Pokrovskiy all show robust rock stability and open pit mining remains on schedule”, the company said. (Prime/(Ukrainian metal)