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Petropavlovsk in 2015 g reduced gold production by 19%, to 504 koz - EastRussia | Far East

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Petropavlovsk in 2015 g reduced gold production by 19%, to 504 thousand ounces

Petropavlovsk’s gold mining alliance in 2015 reduced gold production by 19% compared to 2014 in the year, to 504 thousand ounces

Petropavlovsk in 2015 g reduced gold production by 19%, to 504 thousand ounces
2016 Year Forecast - 460-500'000 oz.

According to preliminary calculations, the net debt of Petropavlovsk at the end of the year amounted to 610 million dollars. For the fourth quarter, the company reduced this figure by 10%.

Excluding alluvial assets (in 2015, Petropavlovsk sold its last placer enterprise, Koboldo), the decline in production was 15%.

Initially, Petropavlovsk predicted production in 2015 at the level of 680 thousand ounces, but the company decided to "flexibly" approach the production plan in order to minimize costs and maximize cash flow, "Interfax" reports.

Sales of Petropavlovsk in 2015 amounted to 481,9 thousand ounces. It was reported that in 2014 the production amounted to 617,2 thousand ounces, that is, in 2015 this indicator decreased by 22%.

The average selling price of Petropavlovsk at the end of 2015 was $ 1178 per ounce, including the positive effect of hedging 20 dollars per ounce.

Petropavlovsk conducts industrial development of gold deposits in the Amur Region (Pokrovsky Mine, Pioneer, Malomyr and Albin).

The largest shareholder of Petropavlovsk with a share of about 14,8% now are the structures of Viktor Vekselberg. Petropavlovsk's board chairman Peter Hambro (4,645%), general director Pavel Maslovsky (6,575%) and their partner in the Asia-Pacific bank Andrey Vdovin (4,02%) are also major shareholders.