Petropavlovsk cuts gold forecast

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The Independent Online

Petropavlovsk, the Russian miner led by Peter Hambro, has once again lowered its gold production guidance for 2010, blaming "extremely harsh weather" and delays in the delivery of major mining equipment.

The group, Russia's third-largest gold producer, said it now expects to produce 510,000-530,000 ounces of gold this year, down from the guidance of 636,500-670,000 ounces published in August.

Mr Hambro, who acts as chairman, said the weather and the delays had "created significant operational difficulties... which were beyond our control".