- Russia-focused gold miner Petropavlovsk swung to a first-half loss after rising revenue, boosted by higher output and gold prices, was offset by a loss related to a debt conversion option.

Net losses for the six months through September amounted to $22.0 million, compared to a year-on-year profit of $3.9 million.

Gold production jumped 42% to 320,600 ounces amid a 28% rise in the average gold price achieved by the company to $1,640 an ounce, sending revenue up 71% to $522.7 million.

Underlying earnings almost doubled to $192.6 million.

Petropavlovsk said the loss was caused by a negative non-cash adjustment of $122.2 million related to a fair-value loss on a conversion option reflecting an increase in the company's share price.

The company, which recently underwent a board shakeup, said that it was aiming to provide a greater focus on providing returns to all shareholders, while noting that it hadn't declared a dividend for eight years.

'The period since the requisitioned general meeting has been a challenging one, combining continued governance disruption and the Covid-19 pandemic,' chairman James W Cameron said.

'The board is unwavering in its dedication to resolving the legacy issues that are currently hampering the group from achieving its potential.'

'We have a clear plan which will drive change and will ensure that the company's shares more fully reflect the substantial underlying worth and potential of the business, creating value for all stakeholders.'

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