TIDMPOG
RNS Number : 9288J
Petropavlovsk PLC
22 August 2019
22 August 2019
Petropavlovsk PLC
Fitch Upgrade to 'B-'; Outlook Positive
Petropavlovsk PLC ("Petropavlovsk" or the "Company") is pleased
to announce that Fitch Ratings ("Fitch") has today upgraded its
Long-Term Issuer Default Rating and senior unsecured rating to 'B-'
from 'CCC' with a Positive Outlook.
Fitch has also upgraded the guaranteed notes issued by
Petropavlovsk 2016 Limited, the Group's main financing vehicle
subsidiary, to 'B-' from 'CCC' with a Recovery Rating of 'RR4'.
In its announcement, Fitch states that the upgrade reflects a
"significant strengthening in Petropavlovsk's liquidity position
due to the refinancing of the convertible bond, repayment of the
US$57 million in bridge loans by affiliated iron ore producer IRC
Limited and the increased visibility for production due to the
launch of the pressure oxidation (POX) hub in November."
Furthermore, the Positive Outlook reflects the "potential for
significant deleveraging to take place by end-2020 based on higher
production, lower costs, and third party concentrate increasing the
utilisation of the POX hub."
Fitch also recognises the important steps the Company has taken
towards improved Corporate Governance, with the Board now
consisting of "five non-executive members out of seven, including a
non-executive chair. The directors were elected with a strong
majority at the annual general meeting in June 2019 and 65.9% of
shareholders voted."
Pavel Maslovskiy, CEO said: "I am delighted that we have
received an upgrade from Fitch. It recognises the strengthening of
our business over the past 12 months through activities undertaken
by Senior Management and the stability which has been brought about
by a new Board of Directors. It also recognises the successful
commissioning of our POX Hub which is the cornerstone of our
corporate strategy and which will lead to growth in EBITDA and
significant deleveraging in 2020 as our capex spending programme is
now largely complete."
For further information, please read the full Fitch Ratings
press release.
About Petropavlovsk
With a Premium Listing on the London Stock Exchange,
Petropavlovsk (LSE: POG) is a major integrated Russian gold
producer with JORC Resources of 20.52Moz Au which include Reserves
of 8.21Moz Au.
The Company's key operating mines (Pioneer, Malomir and Albyn)
are in the Amur Region in the Russian Far East and the Company has
produced a total of c.7.3Moz of gold since operations began in
1994. Petropavlovsk has a strong track record of mine development,
expansion and asset optimisation.
The Group recently entered a new era of growth following the
successful commissioning and start-up of its flagship asset, the
Pressure Oxidation (POX) Hub at Pokrovskiy, which enables the
processing of the Company's abundant refractory reserves and
resources.
Petropavlovsk is one of the region's largest employers and one
of the largest contributors to the sustainable development of the
local economy.
For more information
Please visit www.petropavlovsk.net or contact:
Petropavlovsk PLC +44 (0) 20 7201 8900
Patrick Pittaway / Max Zaltsman / Viktoriya TeamIR@petropavlovsk.net
Kim
Peel Hunt LLP
Ross Allister / James Bavister / David
McKeown +44 (0) 20 7418 8900
Canaccord Genuity Limited
Henry Fitzgerald-O'Connor / James Asensio +44 (0) 20 7523 8000
Buchanan +44 (0) 20 7466 5000
Bobby Morse / Ariadna Peretz POG@buchanan.uk.com
Cautionary note on forward-looking statements
This release may include statements that are, or may be deemed
to be, "forward-looking statements". These forward-looking
statements can be identified by the use of forward-looking
terminology, including the terms "believes", "estimates", "plans",
"projects", "anticipates", "expects", "intends", "may", "will" or
"should" or, in each case, their negative or other variations or
comparable terminology, or by discussions of strategy, plans,
objectives, goals, future events or intentions. These forward
looking statements include all matters that are not historical
facts. They appear in a number of places throughout this release
and include, but are not limited to, statements regarding the
Group's intentions, beliefs or current expectations concerning,
among other things, the future price of gold, the Group's results
of operations, financial position, liquidity, prospects, growth,
estimation of mineral reserves and resources and strategies, and
exchange rates and the expectations of the industry. By their
nature, forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances [outside the
control of the Group. Forward-looking statements are not guarantees
of future performance and the development of the markets and the
industry in which the Group operates may differ materially from
those described in, or suggested by, any forward- looking
statements contained in this release. In addition, even if the
development of the markets and the industry in which the Group
operates are consistent with the forward looking statements
contained in this release, those developments may not be indicative
of developments in subsequent periods. A number of factors could
cause results and/or developments to differ materially from those
expressed or implied by the forward-looking statements including,
without limitation, general economic and business conditions,
demand, supply and prices for gold and other long-term commodity
price assumptions (and their effect on the timing and feasibility
of future projects and developments), trends in the gold mining
industry and conditions of the international gold markets,
competition, actions and activities of governmental authorities
(including changes in laws, regulations or taxation), currency
fluctuations (including as between the US Dollar and Rouble), the
Group's ability to recover its reserves or develop new reserves,
changes in its business strategy, any litigation, and political and
economic uncertainty. Except as required by applicable law, rule or
regulation (including the Listing and Disclosure Guidance and
Transparency Rules), the Group does not undertake any obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise. Past
performance cannot be relied on as a guide to future performance.
The content of websites referred to in this announcement does not
form part of this announcement.
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END
MSCGCGDICXDBGCD
(END) Dow Jones Newswires
August 22, 2019 05:42 ET (09:42 GMT)
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