LONDON (SHARECAST) - Petropavlovsk said IRC, its former non-precious metals division now listed on the Hong Kong Stock Exchange, had completed a technology overhaul at its Kuranakh operation in Russia.
This would result in a 150% increase in ilmenite capacity and the reaffirmation of the company's targets for 2012 and beyond, Petropavlovsk said.
IRC's 2012 intermediate production target remains at 125,000 tonnes, with a 160,000 tonne estimate in place for 2013 and beyond.
The upgrade was completed for just under $3m, within budget and on time, the firm added.
Sales volumes at expanded capacity and prices for ilmenite remained strong, it said.
Petropavlovsk has retained a majority stake in IRC following its floatation.