Russia-focused gold miner Petropavlovsk Said on Tuesday it is reviewing its capital spending strategy after a sharp fall in the price of gold.
The company decided to review its strategy after the price of gold, caught in a tug-of-war between physical buyers seeking bargains and wary investors cutting exposure to it, fell about 15 percent since the start of this year.
Petropavlovsk said the review will not affect its production.
"The focus for 2013-14 has been to complete our major capital spending programmes and then commence the process of driving down the debt incurred to pay for those projects," Peter Hambro, chairman of Petropavlovsk, said in a statement. Gold was seen at $1,412 per ounce by 0647 GMT.
(Reuters)
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
