LONDON--Petropavlovsk PLC (POG.LN) said 2016 gold production was in line with its revised guidance and the company now estimates production in the new year to be between 420,000 and 460,000 ounces per annum, predominantly from open pit operations.

The Russian gold miner recorded production totaled 416,000 gold ounces and sales of around 400,000 ounces for 2016 at an average realized gold price of $1,222 per ounce. It has reiterated 2016 total cash costs of $700 per ounce and all in sustaining cash costs of $800 per ounce.

Total capital expenditure for 2016 is estimated at $30 million.

For 2017, Petropavlovsk estimates total cash cost per gold ounce of between $600 and $700 and all in sustaining cash costs of $800 and $900 per ounce. Capital expenditure for 2017 is expected to be between $100 million and $110 million.

Shares at 0950 GMT trading 0.3% lower at 7 pence.

Write to Tapan Panchal at tapan.panchal@wsj.com

(END) Dow Jones Newswires

January 26, 2017 05:08 ET (10:08 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.
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