Petropavlovsk ups gold production 18% to 118 koz in Q1
MOSCOW. April 27 (Interfax) - Petropavlovsk increased gold production by 18% year-on-year to 118,046 ounces in the first quarter of 2017, the Russian gold miner reported.
Production guidance for all of 2017 remains 420-460 koz.
"While these results support a level of production towards the top end of our 2017 annual forecast, taking into account the operational risks associated with the start of underground mining, we have decided to maintain the current full year guidance and will review again at our half year results," said Pavel Maslovsky, CEO.
Total gold sold for the quarter was 118,000 ounces, a 17% increase year-on-year. Average realized gold price was $1,247/oz, including positive $19/oz effect from hedging.
Petropavlovsk operating highlights:
| Q1 2017 | Q1 2016 | Change | |
| Open pit, total ore mined, mln tonnes | 3.303 | 2.866 | 15% |
| Combined plant throughput, mln tonnes | 4.012 | 3.993 | 0% |
| Average weighted process recovery rate | 77% | 84% | -7 pp |
| Average weighted processed grade, g/t | 0.85 | 0.85 | 0% |
| Total gold produced (koz) | 118.0 | 100.4 | 18% |
| Total gold sold (koz) | 118.0 | 101.0 | 17% |
| Underground - Total development | 808 | - | - |