Russia's Petropavlovsk to increase gold output 25% annually

MOSCOW, Feb 9 (PRIME) -- U.K.-registered Petropavlovsk Plc, which operates in Russia, plans to boost gold production 25% annually, the company’s Chairman Pavel Maslovsky said in an interview with the Rossiya 24 TV channel Thursday.

In 2011, Petropavlovsk raised output 24% to 19.6 tonnes of gold.

Earlier in February, the company’s founder Peter Hambro said Petropavlovsk planned to build a gold production plant worth U.S. $350 million–$400 million in the Amur Region in 2014.

The plant is expected to reach its full production capacity of 600,000 tonnes of gold-containing concentrate, or 3­–7 tonnes of gold, in 2015.

Petropavlovsk is the third largest gold producer in Russia, with major assets in the Amur Region and the Yamalo-Nenets Autonomous District.

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