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Petropavlovsk Reports Lower 1H Gold Production – Commodity Commentary

By on July 21, 2021 0

By Jaime Llinares Taboada


Petropavlovsk PLC on Wednesday announced a drop in gold production for the first half of the year. Here’s what the Russian miner had to say:


Manufacturing :


“Gold production for the first half of 2021 was 195,000 ounces, a decrease of 39% from 320,600 ounces in 1H 2020.”


“Clean gold production was 158,300 ounces in H1 2021 (H1 2020: 213,700 ounces), with a 26% year-on-year decline mainly due to the shift to processing ore from the Elginskoye deposit at Albyn and the preparations for the launch of the Pioneer flotation plant, which has resulted in a shift to refractory ore mining for storage and a planned temporary shutdown of the processing plant in April. ”


“Gold production from third-party concentrates decreased 66% to 36,700 ounces in H1 2021 (H1 2020: 106,900 ounces) due to the expected decline in concentrate volumes available for purchase and lower grades in the concentrates supplied. “


“The first half of 2021 has been a period of transition for Petropavlovsk as we prepare to launch the Pioneer Flotation Plant, which heralds the transition of the mine from non-refractory ore processing to a refractory concentrate producer to feed our hub. Pokrovskiy POX. “


On sale:


“Gold sales totaled 187,100 ounces in 1H 2021 (1H 2020: 312,400 ounces).”


About the rates:


“The average realized gold price in the first half of 2021 was 9% higher at $ 1,795 per ounce (H1 2020: $ 1,640 per ounce), with no hedging gains or losses during the half year.”


On the outlook for 2021:


“The company affirms its forecast for total gold production in 2021 of 430,000 to 470,000 ounces, including its own gold production of 370,000 to 390,000 ounces and the production of gold from third-party concentrates of 60,000 to 80,000 ounces, with 2H 2021 to include production from the new Pioneer flotation plant and increased supply of third-party concentrate.


Write to Jaime Llinares Taboada at [email protected]; @JaimeLlinaresT


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