Proactive Investors - Run By Investors For Investors

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.




View full POG profile View Profile

Petropavlovsk PLC Timeline

Related Articles

August 03 2017
New chief executive will will push down costs and go on the hunt for deals
February 13 2017
The final three months of the year continued a healthy revenue growth trend for the nascent food distribution business
NioCorp Developments steadily de-risking giant Nebraska super-alloys project
October 24 2017
Elk Creek is a superalloy materials project in southeast Nebraska...

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use