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Russia’ Petropavlovsk lowers gold production by 21.6%

July 21, 2015, 10:57 UTC+3 MOSCOW
The net debt of Petropavlovsk declined to $696 mln as of June 30, 2015 from $930 mln at 2014 year-end
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MOSCOW, July 21. /TASS/. Russian gold miner Petropavlovsk lowered gold production by 21.6% year-on-year to 240,200 oz. in the first half of 2015, the company said on Tuesday.

Petropavlovsk plans to produce 680,000 oz. of gold at 2015 year-end, the company reported.

The net debt of Petropavlovsk declined to $696 mln as of June 30, 2015 from $930 mln at 2014 year-end.

The company sold 229,700 oz. of gold in the first half of 2015, Petropavlovsk reported. The gold miner maintains its capital expenditures forecast of $35 mln and plans to reduce the net debt to $600 mln at 2015 year-end.

Core assets of Petropavlovsk are concentrated in the Amur Region of the Russian Far East.

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