The Russian miner Petropavlovsk PLC (Petropavlovsk), has announced that in 2010 its profit before tax decreased from $197.4 million to $69.2 million - despite a 30 percent year-on-year increase in its revenues from $472 million to $612 million - due to startup costs at its iron ore unit IRC and higher gold production costs.
In 2010, Petropavlovsk's underlying earnings before interest, taxes, depreciation and amortization (EBITDA) before exceptional items was $205 million, registering a 10 percent decrease compared to 2009.