Russia: Rosgeologia starts gold prospecting at new site in Amur region

Far East PGO, a part of Rosgeologia, starts prospecting for gold at the Solovievskaya territory in Amur region.

The prospecting will last for 3 years, from Q2 2018 till Q4 2020.

The total size of the territory is 270 square km. (Ukrainian metal)

Russia: Irkutsk region gold output up in Q1 2018

In January-March Irkutsk region yielded 3259.2 kg of gold, up by 34% YoY. Ore gold accounted for 3258.6 kg. In particular, Polyus Verninskoye extracted 1605.8 kg, Vysochaishiy – 1102 kg, Druza LLC – 180.8 kg and Ugakhan LLC – 370 kg. Alluvial gold output totaled 0.6 kg, all obtained by Lenzoloto enterprises. In January-February gold…

Russia: Petropavlovsk concludes forward contract with Gazprombank

The gold-extracting company Petropavlovsk has concluded an agreement with Gazprombank for the delivery of 96 thousand ounces of gold. The deliveries will be prepaid. “This forward contract with Gazprombank provides us with much flexibility in working capital management”, Petropavlovsk finances director Andrei Maruta noted. As of late 2017 Petropavlovsk had forward contracts for the delivery…

Russia: Petropavlovsk net profit up in 2017

In 2017 Petropavlovsk Plc received the net profit of $41.5 million, up by 30.9% YoY. According to the company statement, its revenue grew by 8.6%, to $587.4 million, while EBITDA dropped by 1.6%, to $196.8 million. Petropavlovsk is one of the 5 largest gold producers in Russia. Its main assets are in Amur region, where…