Petropavlovsk Plc.(POG.L) reported that its total gold production for the third-quarter 2014 declined to 150,100 ounces or oz from 204,400 ounces last year.
The company posted average realised gold price of US$1,329/oz during third-quarter 2014, including a US$59/oz contribution from the hedging programme.
The company expects gold production for fiscal 2014 to be in line with the Group's previously-stated guidance of 625,000oz.
The company now expects its full-year total cash costs per ounce of gold produced or "TCC/oz" will decrease to below US$900/oz, compared with the initially-planned US$900/oz-US$950/oz.
Peter Hambro, Chairman, said, "Finally, I would like to welcome back Dr Pavel Maslovskiy who will be re-joining the Board as a Director and Chief Executive with effect from 5 November 2014. I, and my fellow Board colleagues, consider his extensive knowledge and experience will be of great assistance during this transformational time for the Group."
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