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Petropavlovsk boosts sales and profits from Russian gold production

Petropavlovsk has delivered solid operational numbers from its gold mining operations in Russia
Gold bar, dollars
Gold production and cashflow both rose in the first half of 2017

Petropavlovsk PLC (LON:POG) boosted revenue by 20% in the first half of 2017 to US$304 mln compared with the US$254 mln delivered in the comparable period a year ago.

The increase was in part due to a 5% uptick in the average realised gold price, but primarily the result of a 19% increase in production.

Profits were accordingly boosted by 166% to US$24.5 mln, up from US$9.2 mln in the corresponding period for 2016.

READ: Petropavlovsk appoints Sergey Ermolenko as acting chief executive officer, replacing Pavel Maslovskiy

Operating profit rose 91% to US$65 mln, while net cash flow from operating activities increased by 150% to US$74.6 mln.

Total cash costs came in at US$675 per ounce, with all-in sustaining costs running at US$965 per ounce.

The average realised price of gold sold was US$1,255 per ounce.

"This is a strong set of half year results that demonstrates the company is making good progress with its ambitious development plans whilst achieving solid operational results and maintaining continued financial discipline,” said chairman Ian Ashby.




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