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Petropavlovsk’s Hambro comfortable with current gold price thanks to cost cuts

Published: 10:16 27 Jul 2015 EDT

The chairman of Russian gold miner Petropavlovsk (LON:POG), Peter Hambro, is confident that the firm’s lower costs and improved efficiencies will begin to pay off, despite the lower gold price.

“We’re on the cusp of higher grades thanks to underground mining - and the effect should be hugely positive for the company’s cash flow,” said Hambro.

Since its refinancing in March, Petropavlosk has managed to lower its cash costs targets from US$700 per oz to US$600 in a period in which gold prices have hit a five-year-lows.

As well as lowering costs, the miner is increasing efficiencies, maximising positive cash flow and paying down debts.

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