Petropavlovsk boosts gold output in H1 by 32% to 219,100 ounces
MOSCOW. July 21 (Interfax) - Gold production alliance Petropavlovsk increased its gold output by 32% to 219,100 ounces in the first half of 2011 from 166,300 ounces produced for the same period of 2010, the company said.
Gold production in the second quarter of 2011 increased by 43% to 143,700 ounces. The company expects its production to increase in the second half of this year thanks to seasonal operations to set up 'heap leaching' and placer gold production.
Petropavlovsk confirmed an earlier announced forecast that puts 2011 output at 600,000 ounces.
Sales of precious metals in the first half came to 266,000 ounces at an average price of $1,455 per ounce. Sales increased 71% year-on-year.
In addition to funds on the company's balance sheet at the end of 2010, standing at $96 million, the company signed an agreement to raise $340 million in loan facilities, which should be enough for financing the company's capital expenditures.