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De Ene 2020 a Jul 2020
RNS Number : 4118C
10 February 2020
10 February 2020
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".
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
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
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(END) Dow Jones Newswires
February 10, 2020 02:00 ET (07:00 GMT)