Petropavlovsk Cuts 2010 Output Target

31 August 2010 (Last Updated August 31st, 2010 18:30)

Russia's Petropavlovsk has reduced its gold production target for 2010 by less than expected after it posted a 26% fall in gold production for the first half of the year. The miner has cut its gold output guidance to 636,500-670,000oz for the year from the previous range of 670,000-760,00

Russia’s Petropavlovsk has reduced its gold production target for 2010 by less than expected after it posted a 26% fall in gold production for the first half of the year.

The miner has cut its gold output guidance to 636,500-670,000oz for the year from the previous range of 670,000-760,000oz.

Petropavlovsk said the main risks involved maintaining the success at Malomir mine and ramping up its Pioneer mine.

The company produced only 166,300oz of gold in the first half, sharply lower than last year.