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Petropavlovsk produced 548.1koz of gold last year, a six per cent increase on the previous year, despite a difficult period that saw a bloody boardroom battle and new CEO.
The miner saw an 18 per cent decline to 385.6koz of own gold produced, but a 256 per cent increase to 162.5koz of gold produced from the processing of third-party refractory gold concentrates at its POX Hub, a processing plant.
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Total gold sales were up six per cent for the year, while the average realised gold price increased 30 per cent.
Group revenue was up 33 per cent to $988.5m, while underlying EBITDA increased 32 per cent to $350.7m.
However profit for the period decreased to a loss of $48.9m, which the group said was primarily due to the impact of non-cash items, including an impairment of mining, exploration and evaluation assets.
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CEO Denis Alexandrov said: "Petropavlovsk delivered a solid financial performance in 2020 despite numerous challenges, with revenue and EBITDA improving substantially year-on-year on the back of a 6 per cent increase in production and higher gold prices.
"Looking ahead, there is much to be addressed to drive improvement across the business in 2021 and beyond. From a cash flow perspective, one of our immediate opportunities is maximising utilisation of the POX Hub using our own refractory gold concentrates to reduce reliance on lower-margin third-party material via the successful on-schedule delivery of two major projects - the Pioneer flotation plant later this year and the Malomir flotation plant expansion next year."
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