August 29, 2013 / 6:12 AM / 4 years ago

Write-offs push Russia's Petropavlovsk to H1 loss

MOSCOW, Aug 29 (Reuters) - Russia-focused gold miner Petropavlovsk said on Thursday it recorded a net loss of $742 million in the first half of 2013 due to non-cash impairment charges.

The company took about $600 million of charges for the period due to lower gold price environment, it said in a statement. Petropavlovsk also maintained its 2013 production target of 760,000-780,000 ounces.

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