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BRIEF-Russia's Petropavlovsk downgrades 2016 gold output forecast
December 15, 2016 / 8:18 AM / a year ago

BRIEF-Russia's Petropavlovsk downgrades 2016 gold output forecast

MOSCOW, Dec 15 (Reuters) - Russia’s Petropavlovsk says:

* Outlines the results of previously announced Impact Assessment at Pioneer’s Andreevskaya deposit;

* Due to adverse weather throughout the Amur region in November, the company suspended operations in order to safely assess the impact at Andreevskaya East;

* Expects the Andreevskaya East pit to return to full scale, high grade, non-refractory mining before year end;

* Petropavlovsk’s 2016 production is now expected to be between 415,000 and 430,000 troy gold ounces at a preliminary total cash cost of $700 per ounce;

* The company previously expected its 2016 production to be in line with the lower end of 460,000-500,000 ounces;

* The reduction is largely due to the mining disruptions experienced at Pioneer, the company’s largest mine;

* The company’s mines at Albyn, Malomir and Pokrovskiy all show robust rock stability and open pit mining remains on schedule;

* Pioneer and Malomir underground projects continue to progress well, with first production on schedule for H2 2017;

* Development of the Pressure Oxidation Plant (“POX Hub”) remains on schedule for commissioning by the end of 2018, with first refractory ore production by the beginning of 2019;

* Furthermore, Petropavlovsk will provide an update on the previously announced potential transactions by close of business Dec. 16. Source text Further company coverage: (Reporting by Moscow Newsroom)

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