Petropavlovsk PLC New Major Shareholder (4118C)
10 Febrero 2020 - 1:00AM
UK Regulatory
TIDMPOG
RNS Number : 4118C
Petropavlovsk PLC
10 February 2020
10 February 2020
Petropavlovsk PLC
New Major Shareholder
Petropavlovsk PLC ("Petropavlovsk" or "the Company") today
welcomes its new major shareholder, Uzhuralzoloto Group of
Companies ("UGC"), and looks forward to engaging with the company
as Petropavlovsk moves forward with its strategic objectives.
Following the purchase of Aeon Mining's shareholding announced
on 5 February 2020, UGC became Petropavlovsk's largest shareholder.
UGC is an established, privately owned, company that ranks as one
of Russia's top five gold producers, with open pit and underground
operations located in the Chelyabinsk Region, the Krasnoyarsk
Territory and the Republic of Khakassia. The company has both
established mining operations and perspective development assets,
including assets with refractory gold ores.
Dr Pavel Maslovskiy, CEO, comments:
"We are excited that UGC has decided to invest in our business
at this pivotal point of our development and welcome its president
and founder Mr Konstantin Strukov as our new major shareholder. His
investment is a strong endorsement of our strategy and operational
success given that UGC is well respected in the Russian gold mining
industry for its operating capabilities. With our ongoing focus on
delivering shareholder value by maximising cash flow through
further development and optimising the capacity of our POX Hub, it
is positive to have a shareholder with such knowledge, experience
and expertise in the Russian gold mining industry. We are confident
that our ambition of becoming a leader in the mining and processing
of refractory gold ores in Russia is supported by both Mr Strukhov
and the company he founded, and we look forward to exploring the
potential for future cooperation to ensure the continued strong
growth of Petropavlovsk's share in Russian gold mining industry for
the benefit of all our stakeholders".
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.7.6Moz 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 committed to implementing international best
practices across all areas of sustainable development and is one of
the region's largest employers and contributors to 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 / Kelsey Traynor / Ariadna POG@buchanan.uk.com
Peretz
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END
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