RNS Number : 0538U
07 October 2010
Analyst and investor site visit
Petropavlovsk PLC ("Petropavlovsk") is presently hosting a visit to its Far East of Russia operations and analysts and investors will visit its mines tomorrow, 8th October 2010. At this time Petropavlovsk will update attendees on the c.140,000 Q3 production (a preliminary management estimate which is being finalised, particularly in respect of production at Malomir, JVs and alluvial operations) and recent exploration progress.
Petropavlovsk announced Interim Results on 26th August 2010 and a half year production of c.165,000 ounces and this, together with the Q3 production, amounts to 305,000 ounces of gold for the first 3 quarters. The ramp-up of the Company's new development at Malomir has continued and 56,100 tonnes of ore had been treated by the end of September.
The on-time delivery of mining equipment has been and remains an important issue for the Company in order for it to achieve the demanding production target for 2010. Although there are continuing delays in the manufacture and delivery of the two new 15M3 excavators, the Company currently has a total fleet of 19 excavators working at Pioneer, of which ten are 5M3 excavators. Four of these 5m3 excavators have been supplied by the manufacturer as temporary substitutes for the delayed equipment. Accordingly the Company is reviewing and optimizing its mining schedules at Pioneer mine in order to deal with the delay.
As the Company has consistently stated, the 2010 production target represents a 38% increase on 2009 production and that this requires significant operational achievements throughout the year, particularly in Q4. The Company is striving to deliver these achievements and will provide a further update on progress with its Interim Management Statement and Q3 production report which will be issued on 3rd November 2010.
The slides from the analyst and investor trip will be available on the company's website from 9am on 9th October.
+44 (0) 20 7201 8900
+44 (0) 20 7726 8400
This information is provided by RNS
The company news service from the London Stock Exchange