Delayed reaction to gold price slump

1 post / 0 new
#1 Sun, Aug 25, 2013 - 6:30am
Cononish1314
Offline
-
UK
Joined: Jun 24, 2012
330
843

Delayed reaction to gold price slump

"Petropavlovsk will this week become the latest gold-miner to be savaged by a fall in the price of the precious metal.

The London-listed company is set to write down up to $390 (£250m) on the value of its assets, roughly equal to the group's entire market capitalisation. The extraordinary hit, to be revealed when it unveils half-year results on Thursday, is due to a 28% drop in the gold price since its high of almost $1,900 an ounce in 2011…

Petropavlovsk, which is run by its co-founder Peter Hambro, is the world's fourth-largest producer and second biggest in Russia after Polyus Gold, which unveiled its own $460 writedown last week…

Hambro has launched a cost-cutting programme that he claimed will slash the group's debt from $1.2bn to less than $1bn by the end of the year…"

Edited by: Cononish1314 on Nov 8, 2014 - 5:30am
Become a gold member and subscribe to Turd's Vault

Contribute

Donate  Shop

The TFMR Silver Round
Doc and TF Partnership Advertisement

Recent Comments

by Joseph Warren, 10 min 3 sec ago
by Green Lantern, 1 hour 37 min ago
by Green Lantern, 1 hour 48 min ago
by SilveryBlue, 4 hours 3 min ago