LONDON, July 22 (Reuters) – Russian miner Petropavlovsk (POG.L) expects annual output to be at the lower end of the previously announced 670,000-760,000 ounce range after first-half gold production fell 26 percent on planned work at its Pioneer mine.
Gold production fell to 166,300 ounces from 224,600 ounces in the year-earlier period.
The London-listed company also announced that it acquired new mining licences in the Amur and Krasnoyarsk region of Russia.
The miner, which is considering a Hong Kong listing for its iron ore assets, last month launched its first Kuranakh iron ore mine. [ID:nLDE65N0WI]
The first product sales from Kuranakh are expected in August, it said on Thursday.
On June 7, Petropavlovsk said Hong-Kong based investors had agreed to take a $60 million equity stake in the group’s non-precious metals division, valuing the iron ore operations at $860 million. [ID:nLDE65G16Q]
(Reporting by Julie Crust; editing by Victoria Bryan)