Petropavlovsk eyes more acquisitions in Krasnoyarsk

Tue Sep 7, 2010 1:51pm GMT
 

* Eyes further acquisitions in Russia's Krasnoyarsk region

* Chairman bullish on the outlook for gold

* Awaiting hearing on possible IPO of iron ore assets in Hong Kong

By Julie Crust

LONDON, Sept 7 (Reuters) - Petropavlovsk (POG.L: Quote), the third-largest gold producer in Russia, is looking at making further acquisitions in the country's Krasnoyarsk region, Chairman Peter Hambro said on Tuesday.

In July, the London-listed company said it had acquired exploration and mining rights for two additional deposits, Troeusovskaya and Vysokoye, in the highly prospective gold mining region of Krasnoyarsk.

"We need to develop something around it," Hambro said on the sidelines of Mining Journal's Gold Day.

Last month, the company cut its gold production guidance for the year to 636,500-670,000 ounces after first-half production was partly hit by delays in the delivery of two large diggers at its Pioneer operation. [ID:nLDE67O0RH]   Continued...

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