The U.K.-registered Petropavlovsk Plc, which operates in Russia, has decreased its forecast for the production of gold in 2016 to 415 to 430 thousand ounces from 460 to 500 thousand ounces with an average production cost of about USD700 per ounce, the company said in a statement.
The new forecast followed a re-estimation of the impact from the suspension of production at the Andreyevskaya deposit of the Pioneer field. Petropavlovsk suspended production there in late November due to an early severe frost.
“The company’s mines at Albyn, Malomir, and Pokrovskiy all show robust rock stability and open pit mining continues on schedule,” the company said.
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