Gold miner Petropavlovsk plc closed H1 2010 with net losses of 55.4 million dollars to International Financial Reporting Standards (IFRS) compared with profit of 76.6 million dollars a year previously, the company said. The losses are worse than the most pessimistic forecasts given by analysts. They were driven by 33.1 million dollars attributable to impairment against the amounts invested in the Titanium Sponge Joint Venture and related assets due to its joint venture partner, Chinalco, advising that it no longer wishes to proceed with the project as a consequence the building of the plant has been postponed and thus there is uncertainty as to the eventual outcome of the project; and by 2.4 million dollars listing costs incurred in relation to the proposed listing of the Non-precious Metals Division in Hong Kong.
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