By Robert Tyerman | Friday 24 July 2015
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Bombed-out former gold mining star Petropavlovsk (POG) is cutting costs at its mines in Far East Russia’s Amur region and paying off debts as it maintains its drive to cut costs, boost efficiency and curb expenditure. The fully-listed company, whose shares collapsed from more than £13 five years ago to 2.17p within the past 12 months before bouncing to 6.57p now, says half-year figures will show it is on track to cut its average cash costs, before financing, from $700 (£450) an ounce to $600, against a current depressed $1,093.48c market price.
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