Bosses' bonuses are axed at Petropavlovsk

The Russian miner Petropavlovsk has scrapped bonuses and incentive payments for its executives and chairman after its shares were hit by a steep gold price drop.

Petropavlovsk shares have fallen 60 per cent this year as the London-listed company battles falling prices, high costs and debts and operational challenges. In a letter to shareholders published alongside its annual report it said executives and the chairman, Peter Hambro, would not be paid 2013 bonuses.