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Petropavlovsk group third quarter gold output up 12 pct

London-listed Petropavlovsk group, which unites gold and mining assets in Russia, has increased its third quarter gold production 12 percent year-on-year to 138,300 ounces

However, Petropavlovsk's January-September gold output has fallen 12 percent year-on-year to 304,000 oz due to a planned production decrease at the company's Pokrovskoye deposit.

The company has cut its initial 2010 production plan to 510-530,000 oz of gold from 680,000 oz.

In 2009, Petropavlovsk produced 486,800 oz of gold, making it the third largest gold producer in Russia.

The group's major iron-ore and gold operations are located in the mineral-rich Amur Region and the Jewish Autonomous Region in the Russian Far East near the Chinese border.

Source : RIA Novosti