{"id":1046917,"date":"2018-09-27T17:07:46","date_gmt":"2018-09-27T17:07:46","guid":{"rendered":"http:\/\/juniorminingnews.com\/?p=1046917"},"modified":"2018-09-27T17:07:46","modified_gmt":"2018-09-27T17:07:46","slug":"russias-petropavlovsk-sees-net-profit-next-year-as-key-project-boosts-output-2","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1046917","title":{"rendered":"Russia’s Petropavlovsk sees net profit next year as key project boosts output"},"content":{"rendered":"

By Reuters<\/a><\/span> <\/p>\n

Sept 27 (Reuters) \u2013 Russian gold miner Petropavlovsk expects to report a net profit next year as a key gold treatment project is set to boost production and cut costs, Chief Executive Pavel Maslovskiy said on Thursday.<\/p>\n

The com<\/span>pany swung to a net loss of $24.8 million in the first half on rising costs and lower sales but the com<\/span>pany declined to give a forecast for the full year. It reported a net profit of $24.5 million in the first half of last year and $41.5 million for the full year.<\/p>\n

The com<\/span>pany’s main project, known as a pressure oxidation hub (POX), allows the treatment of refractory gold ore that is difficult to process using traditional methods. Refactory gold contains ultra-fine gold particles that are resistant to recovery by standard methods.<\/p>\n

Maslovskiy, who returned to the helm of the com<\/span>pany in June after a boardroom battle, said POX would allow the com<\/span>pany to “significantly” reduce costs.POX would allow the com<\/span>pany to “significantly” reduce costs.<\/q><\/p>\n

“We should be on schedule and put com<\/span>mercial production in March, which means that we can produce roughly 150,000 ounces out of POX,” Maslovskiy added.<\/p>\n

Petropavlovsk also lifted its 2018 production outlook to 420,000-450,000 ounces from 400,000-410,000 ounces due to the inclusion of “high-grade sellable floatation concentrate”.<\/p>\n

It sees its gold production rising to about 500,000 ounces next year. Petropavlsk’s share price was up 0.5% at 6.51 pence, still well below the highs it hit a decade ago and has lost 12 percent so far this year.<\/p>\n

The miner also brought back its founder Peter Hambro as president and senior adviser to the board. Hambro was ousted last year amid a shareholder row over control of the com<\/span>pany.<\/p>\n

(Reporting by Anna Rzhevkina; Writing and additional reporting by Anna Pruchnicka; Editing by Emelia Sithole-Matarise)<\/em><\/p>\n

The post Russia’s Petropavlovsk sees net profit next year as key project boosts output<\/a> appeared first on MINING.com<\/a>.<\/p>\n

…read more<\/a> <\/p>\n

From:: Mining.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Reuters Sept 27 (Reuters) \u2013 Russian gold miner Petropavlovsk expects to report a net profit next year as a key gold treatment project is set to boost production and cut costs, Chief Executive Pavel Maslovskiy said on Thursday. The company swung to a net loss of $24.8 million in the first half on rising […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[369],"tags":[],"class_list":["post-1046917","post","type-post","status-publish","format-standard","hentry","category-miningcom"],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1046917","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1046917"}],"version-history":[{"count":0,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1046917\/revisions"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1046917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1046917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1046917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}