Petropavlovsk posts rise in gold production in first quarter of 2022

Troubled Petropavlovsk posted a rise in gold production in the first quarter of 2022 despite sanctions imposed on Russia following the invasion of Ukraine. 

The miner, which is based in London but has most of its operations in Russia, reported output of 103,000 ounces of gold in the three months to the end of March, an 8 per cent increase year-on-year. 

Despite this, the group cut its guidance for the full year to 375,000 to 405,000 ounces of gold from 380,000 to 420,000 previously due to expected disruptions to its supply chain. 

The company’s mines had operated ‘without disruption’ during the quarter in spite of the war in Ukraine and sanctions imposed on Russia by western countries following the invasion. 

However, Petropavlovsk boss Denis Alexandrov said sanctions led to ‘various challenges at the corporate level’.