TIDMPOG
RNS Number : 2643K
Petropavlovsk PLC
21 April 2020
21 April 2020
Petropavlovsk PLC
Update on the Construction of the Pioneer Flotation Plant and
Response to the COVID-19 Pandemic
Following an announcement made on the 17 March 2020,
Petropavlovsk PLC ("Petropavlovsk" or the "Company" or, together
with its subsidiaries, the "Group") provides an update on key
equipment deliveries in respect of the new flotation plant at
Pioneer as well as a further update with regards to the Company's
business operation, policies and initiatives towards protecting the
health and welfare of its staff in relation to the global COVID-19
pandemic.
Pioneer flotation plant construction update
-- Despite lockdown measures in place, all key equipment items
necessary to complete construction of Petropavlovsk's second
flotation plant have now arrived in Russia, thus ensuring the
project remains on track for Q4 2020 commissioning
-- Once operating at full capacity, the new flotation plant at
Pioneer will double the Group's flotation capacity from 3.6 to
7.2Mtpa
Logistics and sales update
-- The Company continues to monitor its supply chain and is
putting in place all necessary precautions to ensure business
continuity
-- While the Central Bank of Russia has temporarily suspended
gold purchases, commercial banks in Russia continue to buy gold
bullion and the Company continues to sell gold through Russian
commercial banks
-- The Company also can export gold bullion and confirms that it
has the necessary licences in place required to export gold for
sale outside of Russia, and that it has shipped gold to the UK and
Switzerland in April
Health and safety update
The health and safety of our workers and the local communities
within which we operate remains our highest priority during this
challenging period.
As of today's date, none of Petropavlovsk's employees have been
diagnosed with COVID-19.
There have been very few cases registered in the Amur region
which is a sparsely populated area roughly equivalent in size to
France.
Petropavlovsk's mining operations and POX Hub are naturally
isolated and away from population centres, and the Group has
implemented measures in each operating jurisdiction to meet
Government guidelines which are appropriate to the specific needs
of each location, including its head offices.
High-level management actions taken include:
-- An emergency response team has been formed to limit the
spread COVID-19 at the Group's Companies. Members of the response
team will work in co-operation with local authorities, when and if,
required
-- The response team includes representatives from each of the
Group's businesses in Russia, and coordinators have been appointed
at each location who are responsible for preventative and
counteractive measures
-- Group business travel has been restricted and the Company's
Moscow and London offices have been closed until further notice,
with written permission required to enter buildings
Employee and community actions taken include:
-- Mine shift patterns have been adjusted to lower the frequency
of new teams arriving onsite
-- Before commencing each shift, employees and contractors are
required to undertake 14 days quarantine in two purpose-built
camps
-- Medical infra-red thermometers are used daily to take the
temperature of employees
-- Designated isolation zones have been set up to house any
individuals showing flu-like symptoms
-- In addition to the recommended hygiene measures, a
comprehensive site awareness campaign is being carried out
-- Awareness programmes targeting the local community have also
been put in place, and the Company is supporting local businesses
and the community through the distribution of masks and hand
sanitisers
Legislative update
-- As of 2 April 2020, the Russian Government introduced a wide
range of measures including an extension of the non-work period
until the end of April 2020 (from which Petropavlovsk is exempt as
a continuous process organisation) and expanded the authority of
regional heads to set further specific measures relevant for their
regions
-- These measures include certain tax, credit and reporting
holidays which are of benefit to certain suppliers to the Group's
business
-- Petropavlovsk has been included in the most recently revised
Federal list of Russia's systemically important companies.
Additionally, the JSC Pokrovskiy Mine (including Pioneer), LLC
Albynskiy Rudnik (Albyn) and LLC Malomirskiy Rudnik (Malomir)
companies were all identified as being strategically important to
the Amur Region. This implies more stringent oversight by the
Federal authorities and local Ministry of Economic Development as
well as the executive branch of local government, and the Company
believes this reduces the risk of business interruption
Petropavlovsk continues to maintain open dialogue with the
authorities to monitor the situation and ensure the Company is
abiding by all measures and restrictions.
An announcement will be made immediately to shareholders should
there be any material changes to the situation.
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 / David McKeown / Alexander
Allen +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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDKKKBBFBKDQQB
(END) Dow Jones Newswires
April 21, 2020 02:00 ET (06:00 GMT)
Petropavlovsk (LSE:POG)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Petropavlovsk (LSE:POG)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
