Mining group Petropavlovsk recently just missed out on joining the FTSE 100, and now comes more bad news after the company revised down its production estimates for the year.
Petropavlovsk (it was so much easier to write when the company was callled Peter Hambro Mining) said it expected to produce 470,000 ounces of gold this year, a 6% drop on previous estimates.
It blamed a longer than expected maintenance period at one of its processing plants, as well as a land slip at the Pokrovskiy open pit. But it added that both problems have now been resolved, and there were no injuries from the landslip.
The company also announced it had signed a new $150m loan facility agreement, which would allow the group to continue with its development plans. The shares have dipped 3p at £11.27 on the news.
