Petropavlovsk, the Russia-focused miner formerly known as Peter Hambro Mining, has reported a hike in gold production in its latest three montly report, pushing its shares 3% higher.
It said third quarter production was up 39% to 219,400 ounces compared to the previous three months, soothing investors who have seen missed targets in the past. Analysts at Numis said the latest figures were ahead of its forecast of 204,000, albeit 4% lower than last year. They said:
We expected a strong quarter as this is seasonally the peak production quarter from the alluvials, plus expansions at Pioneer and Albyn seem to have gone well. Full year guidance remain on track and appears achievable. Overall, a good recovery from the last miss but concerns over the balance sheet remain. We maintain our 460p target price and hold recommendation.
In the market the company's shares have climbed 13.4p to 440.2p.
