TIDMPOG
RNS Number : 8661T
Petropavlovsk PLC
23 July 2020
23 July 2020
Petropavlovsk PLC
2020 Half Year Trading Update
Petropavlovsk PLC ("Petropavlovsk" or the "Company" or, together
with its subsidiaries, the "Group") today issues its trading update
for the period from 1 January 2020 through to 30 June 2020 (the
"Period" or "H1 2020").
Highlights
Gold production and sales
-- A 42% increase in total gold production to 320.6koz (H1 2019:
225.0koz), including 178.0koz from the processing of own and
third-party refractory gold concentrates at the POX Hub
-- A 39% increase in total gold sales to 312.4koz (H1 2019:
225.0koz) in H1 2020, including 170.9koz produced from the
processing of own and third-party refractory gold concentrates at
the POX Hub
-- Average realised gold price of US$1,640/oz in H1 2020 (H1
2019: US$1,286/oz)
Gold production '000oz
------------------------------------------------------------------------------
Asset Q2 2020 Q2 2019 H1 2020 H1 2019
---------------------------------- -------- -------- -------- ---------------
JSC Pokrovskiy Mine 56.6 30.8 167.2 52.7
Pioneer 33.9 30.8 60.3 52.7
Third-party concentrate (POX
Hub) 22.7 - 106.9 -
LLC Malomirskiy Rudnik (Malomir) 46.4 48.6 81.6 93.1
LLC Albynskiy Rudnik (Albyn) 31.3 37.9 71.8 79.2
---------------------------------- -------- -------- -------- ---------------
Total Group 134.3 117.3 320.6 225.0
---------------------------------- -------- -------- -------- ---------------
Note: Numbers may not add up due to rounding effect
Pokrovskiy Pressure Oxidation (POX) Hub
-- All four autoclaves are now operating at their design
parameters and the POX Hub has demonstrated its unique flexibility
in being able to treat multiple concentrates of different quality
and composition
-- Until further expansion of the Company's flotation capacity
has been completed, the utilisation of the POX Hub will be defined
by the availability of third-party concentrates
-- The POX Hub is currently ready to treat the Company's own
concentrate from the Pioneer flotation plant which is expected to
be commissioned in Q 4 2020
Net debt
-- Net debt (unaudited) reduced to c.US$538.0m (31 December
2019: US$561.3m) principally driven by an increase in cash. The
Company continues to prioritise settlement of the interest bearing
gold prepays which stood at c.US$121.0m as at 30 June 2020
(US$187.4m as at 31 December 2019), a net decrease of US$66.4m
Hedging
-- During H1 2020, the Company had a positive US$0.9m cash
effect from FX hedges, while 10.5koz of zero cost collars expired
with zero cash settlement
-- Zero cost collars remain with a gold price floor of $1,600/oz
and a cap of $1,832/oz for 3.5koz maturing every month until
December 2021
-- Zero cost collars with a RUB:USD price floor of RUB75.00 and
a cap in the range of between RUB90.65 and RUB100.00 for US$7m
maturing every month until December 2021.
Responsible Business
-- No fatal accidents, either amongst Petropavlovsk employees or
the Company's contractors during H1 2020
-- 13% improvement in the Group's LTIFR to 1.23 in H1 2020 (H1
2019: 1.42). Including contractors, the LTIFR stood at 0.93 in H1
2020
-- Zero environmental incidents were reported during H1 2020
-- Through various energy savings initiatives, the Group has
successfully reduced its energy consumption by almost 13% in H1
2020 (vs. H1 2019) on an absolute basis, while GHG emissions were
reduced by 10% in H1 2020 (vs. H1 2019) on an absolute basis
-- Together, with increased gold production, this represents a
39% improvement in the intensity of energy consumption and 37%
improvement in the intensity of GHG emissions in H1 2020 (vs. H1
2019)
-- The intensity of water consumption increased by 24% in H1
2020 (vs. H1 2019) due to the ongoing ramp-up of the POX plant and
implementation of a more rigorous methodology used to calculate
water consumption which has been applied from the start of 2020.
The increase was partially offset by an 84% increase in the use of
recycled water in H1 2020 (vs. H1 2019)
Metric Units Q2 2020 Q2 2019 H1 2020 H1 2019
--------------------------- ------------------ -------- -------- -------- --------
LTIFR (1) - 1.49 1.53 1.23 1.42
GHG emissions (2) Tonne CO(2) e/oz 0.75 0.93 0.65 1.03
Water consumption
(2) m(3) /oz 75.63 51.97 64.22 51.73
Energy consumption
(2) GJ/oz 8.90 11.22 7.67 12.52
Environmental incidents Number 0 0 0 0
--------------------------- ------------------ -------- -------- -------- --------
(1) LTIFR per 1 million hours worked, excluding contractors
(2) Intensity of use figures for GHG, water and energy
consumption are calculated per ounce of gold produced in each
period
-- The Group continued its comprehensive environmental
monitoring programme in line with the approved schedules. Regular
inspections were conducted for compliance with environmental
standards and regulations and no violations were detected
-- The Company continues to progress with the development of
information campaigns as a part of the adoption of the Group-wide
Speak-up and Antibribery Policies
-- The Group continued its active participation in local
infrastructure development and helped repair the damaged automobile
bridge across the Verkhnyaya Stoiba river in May 2020
-- As a part of our commitment to form long-lasting relations
with the Indigenous Community, we extended the agreements for
harmonious development with the Association of Indigenous
Minorities of the North of the Selemdzhinsky District
-- Petropavlovsk management will be holding an ESG dedicated
workshop in Q3 2020
-- The event will be held online. Full details of the agenda,
together with details of conferencing and webcast facilities, will
be available on the Company's website closer to the date
COVID-19 Update
-- Due to early steps taken by Management to sustain operations
in the COVID-19 environment and to ensure the well being of its
employees, the Company's operations and logistics have not been
interrupted and have continued to work according to the original
plan
-- Petropavlovsk continues to maintain an open dialogue with the
authorities to monitor the situation and ensure the Company is
abiding by all measures and restrictions
-- The Company continues to support local communities through
the provision of comprehensive assistance, including the
distribution of face masks, sanitizers and educational programmes
on the pandemic
Development Update
Update on the construction of a new flotation facility at
Pioneer
-- The construction of a new flotation facility at Pioneer will
double the Company's refractory ore processing capacity from
3.6Mtpa to 7.2Mtpa, meaning that approximately 240 kt of
concentrate will be supplied to the POX Hub from the Company's own
mines in 2021 , once operating at full capacity
-- Construction remains on schedule for the plant to be fully
operational in Q4 2020 despite the logistical challenges caused by
the COVID-19 pandemic
Elginskoye mine ("Temi") development
-- Ongoing exploration at the Elginskoye license area is
expected to add up to 300koz to the project resources with the most
encouraging exploration results at the Kera deposit with grades of
up to 32g/t identified in channel samples
-- Waste stripping activity remains on schedule for first
production in Q4 2020 to coincide with the cessation of mining at
the Albyn open pit, thus ensuring the Albyn plant continues to
operate at full capacity
2020 Outlook
-- Total gold production remains on track to meet the full year
target of of 620koz to 720koz, including third-party concentrate
processing
-- Gold production from the Company's own ore remains on track
to meet the full-year target of 430koz to 460koz
IRC
-- On 7 July 2020, IRC Ltd ("IRC") announced a "Positive Profit
Alert" based on an expected unaudited profit for the first five
months of 2020 of not less than US$5m which compares to a loss of
US$25.2m for the equivalent period in 2019
-- IRC anticipates the turnaround in profitability to result
from the successful ramp-up of the K&S mine, the benefit to its
costs of the weaker Rouble and the lack of write off related to
unamortised borrowing costs compared to US$11.5m in the first half
of 2019
-- IRC is expected to announce a trading update for the first
half of 2020 on 31 July 2020
Corporate Update
Board changes and outcome of court hearing
-- On 30 June 2020, following the results of proxy voting on
board appointments at the Annual General Meeting ("AGM"), the
Company announced the board would comprise of Mr Maxim Kharin, Mr
James Cameron, Mrs Katia Ray and Ms Charlotte Philipps. The Company
also announced that four new Directors, namely, Mr Peter Hambro, Dr
Alya Samokhvalova, Ms Angelica Phillips and Mr Johnny Martin Smith
(together the "Temporary Directors") would be appointed with effect
from the end of the AGM and remain in office until a further
General Meeting ("GM"). The Company also announced the appointment
of Dr Alya Samokhvalova as an Executive Director and Chief
Executive Officer pending the GM
-- On 1 July 2020, the Company announced the appointment of a
fifth Temporary Director pending a General Meeting, Mr Martin
Smith, as an Independent Non-Executive Director and the appointment
of Dr Pavel Maslovskiy as Chief Operating Officer ("COO") with
immediate effect
-- On 10 July 2020, the Company announced the judgement of an
adjourned court hearing in respect of an application made by
Everest Alliance Limited ("Everest"). The Judge found that
Everest's complaints regarding the appointment of the Temporary
Directors are arguable but declined to determine its application
summarily and a full hearing of Everest's application will be
required. As a result, pending the outcome of a futher hearing on
the application, the date of which will be set in due course, the
Temporary Directors will remain as temporary directors of the
Company, subject to the terms of a revised order by the court
-- On 15 July 2020, the Company announced that a revised court
order was issued on 14 July 2020 confirming that the Temporary
Directors will remain as directors of the Company, subject to the
terms of the order. This revised order permits the board of
directors as a whole to act, subject to certain procedural
requirements and the need to give at least 5 days' notice to
Everest in respect of certain proposed actions, including the
appointment of any new directors, the entry into or amendment of
certain contracts or the issue of new shares (other than in
connection with any conversion of the US$125 million notes due 2024
guaranteed by the Company)
Requisitions to hold a General Meeting
-- On 7 July 2020, the Company announced it had received a
requisition from Aurora Nominees Limited, the registered holder of
c.11.4% of Petropavlovsk PLC ordinary shares, requesting ordinary
resolutions to be proposed at a GM for the appointment of five
former directors who were not re-elected at the AGM held on 30 June
2020 and two new directors
-- On 10 July 2020, the Company announced it had received a
requisition from Everest, the registered holder of c.5% of
Petropavlovsk PLC ordinary shares, requesting ordinary resolutions
to be proposed at a GM for the appointment of two new directors,
the appointment of Current Directors of the Company, namely, Mr
James Cameron, Ms Charlotte Philipps, Mrs Katia Ray and Mr Maxim
Kharin, in the event that they have been removed as Directors prior
to the Date of the GM, the removal of the Temporary Directors, and
the removal of any Director that may have been appointed since 9
July 2020 until the conclusion of the GM requisitioned by
Everest
-- On 15 July 2020, the Company announced it had received a
requisition from Everest, the registered holder of c.5% of
Petropavlovsk PLC ordinary shares, requesting a special resolution
to be proposed at a GM for the Board to commission an independent
forensic investigation to review all transactions and arrangements
entered into in the three years preceeding the date of this
resolution to which any of the Company or any of its subsidiaries
or affiliates or IRC Limited, LLC KS GOK (Kimkano-Sutarsky GOK) or
any of their facilities or affiliates, was directly or indirectly a
party in which any of the following persons is or was during the
last three years, in any way, directly or indirectly interested:
(i) any current or former director or senior manager of the Company
or any of its subsidiaries or affiliates; or (ii) any current or
former senior manager of IRC Limited or any of its subsidiaries or
affiliates; or; (iii) any legal or natural person connected with
and/or who is an associate of any of the persons referred to in (i)
and (ii) above, where "connected with" and "associate of" shall
have the meanings set out in section 252 of the Companies Act 2006
and section 435 of the Insolvency Act 1986, respectively
Other corporate matters
-- On 24 June 2020, S&P Global Ratings long-term issuer
credit and issue ratings on Petropavlovsk and its senior unsecured
bonds were upgraded to 'B' from 'B-', with a Stable Outlook, on the
basis of solid performance
-- On 25 June 2020, following successful approval by the Moscow
Exchange for a secondary listing, the Company's shares were
admitted to MoEx. This has led to a c. 46% increase in trading
volumes, with approximately 30% of trading occurring on MoEx since
trading commenced
-- On 30 June 2020, during a debate at its Annual General
Meeting, the Company announced its intention to put in place a
dividend policy in H2 2020, with further updates to follow
Dr Alya Samokhvalova, CEO, comments:
"It is a testament to the strength of our operating and
scientific teams and dedication of all of our employees that the
strong momentum of our operating performance in 2019 has continued
into the first half of 2020 despite the multiple challenges
associated with the COVID-19 pandemic.
As such, I am pleased to report we remain firmly on track to
deliver on our 2020 guidance for gold production of between 620koz
to 720koz, with between 430koz to 460koz produced from our own
higher margin assets.
The POX Hub continues to demonstrate its ability to process
multiple streams of complex ores simultaneously, highlighting that
this is a world-class asset with the capacity to generate
significant and sustainable shareholder value.
Once the Pioneer flotation plant begins contributing in the
fourth quarter of 2020, utilisation of the POX Hub will increase
from our own concentrates which will have a direct bearing on free
cash flow generated by the Company.
It is critical in any business to have stability at the Board
level to ensure business continuity so that, in accordance with the
stated wishes of our shareholders, free cash flow generated by the
Company can be simultaneously used to reward all shareholders in
the form of sustainable dividends, as well as to continue the
deleveraging of our balance sheet and invest into the future growth
of your Company.
As such, I hope the current discord among our shareholders and
Board can be swiftly resolved to enable Management to fully focus
on delivering value to our shareholders while simultaneously
avoiding expensive legal costs.
Finally, given the extraordinary challenge of maintaining our
operations with minimal impact from the COVID-19 pandemic, I wish
to thank all of Petropavlovsk's employees for their diligence and
hard work."
Results call
A conference call to discuss these results will be held today at
08:00am BST. The conference call may be accessed using the
following dial-in details:
Link:
https://events.globalmeet.com/Public/ClickToJoin/ZW5jPUdtQ0tpcElpR2htUk4raDlScklqMzlzaHl1NW5jVGVodEtGUTJ0WFZJNjVIMnN6ckdMcmJUZz09
UK Dial-in Toll Free: 0800 358 6374
UK Dial-in Local: +44 (0) 330 336 9104
Russian Dial-in Local: +7 495 213 1765
Participant Code: 600690
Operations Report
JSC Pokrovskiy Mine
The JSC Pokrovskiy mine is a holder of several licences,
including licences for the Pokrovskiy and Pioneer deposits. The
Pokrovskiy deposit ceased operations in Q1 2018 with its site and
processing facilities now home to the new POX Hub where
concentrates from the Malomir flotation plant (which is reported as
part of the Malomir production table) and third-party concentrates
are processed.
Pokrovskiy Units Q2 2020 Q2 2019 H1 2020 H1 2019
----------------------------- ---------- -------- -------- -------- --------
POX Plant ( third- party
concentrates)
----------------------------- ---------- -------- -------- -------- --------
Concentrate treated t '000 19.8 - 54.8 -
Avg. grade g/t 38.2 - 60.0 -
Gold in concentrate oz. '000 24.3 - 105.7 -
Recovery % 94.4 - 94.2 -
Gold recovered oz. '000 23.0 - 99.5 -
Gold production (doré) oz. '000 22.7 - 106.9 -
----------------------------- ---------- -------- -------- -------- --------
Note: Numbers may not add up due to fluctuation of gold in
circuit
The processing of third-party concentrates continued in H1 2020,
achieving average recoveries of 94.2%. Some delays were experienced
in the delivery of concentrates in the second quarter meaning that
less third-party concentrate was processed than expected. This was
partly compensated by higher than expected grades of the
third-party concentrate.
In total, the Company processed 54.8kt of third-party
concentrate at 60.0g/t to produce 106.9koz of gold, representing
around 33% of total Group gold production.
Pioneer
Pioneer is currently focused on mining non-refractory ores from
several conventional open pits and underground operations. The
construction of new flotation facilities at Pioneer will lead to a
transition from mining non-refractory to mainly refractory ores for
processing at the POX Hub.
PIONEER Units Q2 2020 Q2 2019 H1 2020 H1 2019
----------------------------- ---------- -------- -------- -------- --------
Mining operations
----------------------------- ---------- -------- -------- -------- --------
Total material moved m3 '000 4,886 5,431 9,459 10,490
Ore mined t '000 669 865 1,510 1,196
Average grade g/t 1.03 0.97 0.98 0.97
Gold content oz. '000 22.2 27.0 47.5 37.1
Processing operations (RIP plant)
----------------------------------------- -------- -------- -------- --------
Ore milled t '000 1,398 1,412 2,714 2,819
Average grade g/t 0.85 0.83 0.81 0.72
Gold content oz. '000 38.2 37.7 71.0 65.0
Recovery % 81.9 80.0 84.4 80.5
Gold recovered oz. '000 31.3 30.1 59.9 52.4
Heap leach operations
----------------------------------------- -------- -------- -------- --------
Ore stacked t '000 - -
Average grade g/t - -
Gold content oz. '000 - -
Recovery % - -
Gold recovered oz. '000 0.4 1.1 0.4 1.1
Gold production (doré) oz. '000 33.9 30.8 60.3 52.7
----------------------------- ---------- -------- -------- -------- --------
Note: Numbers may not add up due to fluctuation of gold in
circuit
Pioneer produced 60.3koz of gold in H1 2020 with Q2 2020
production of 33.9koz. Recoveries in the plant have been higher
than expected in H1 2020, which offset slightly higher than
expected dilution from underground mining at NE Bakhmut.
Pioneer remains on track to meet its full year production
target.
LLC Malomirskiy Rudnik
LLC Malomirskiy Rudnik is the holder of a licence for the
Malomir deposit, a conventional open-pit mine and underground
operation transitioning towards mainly refractory ore processing
using the onsite flotation plant. The resulting concentrate is
shipped for processing to the Pokrovskiy POX Hub. The Malomir
deposit has extensive refractory reserves and resources and both
near-mine and surrounding areas are considered highly prospective
for the discovery of further refractory gold ounces.
MALOMIR Units Q2 2020 Q2 2019 H1 2020 H1 2019
----------------------------- ---------- ---------- ---------- ---------- ------------
Mining Operations
----------------------------- ---------- ---------- ---------- ---------- ------------
Total material moved m3 '000 2,623 1,915 4,834 3,838
Non-refractory ore mined: t '000 131 137 228 233
Average grade g/t 2.01 3.67 1.94 4.70
Gold content oz. '000 8.5 16.2 14.2 35.2
Refractory ore mined: t '000 1,082 1,409 2,339 2,713
Average grade g/t 1.16 1.21 1.14 1.03
Gold content oz. '000 40.2 54.8 85.3 90.0
Malomir Processing Operations
--------------------------------------------- ---------- ---------- ------- -----------
Resin-in-pulp (RIP plant), non-refractory
ores
---------------------------------------------------- ----------- ---------------- ------
Ore milled t '000 129 179 230 347
Average grade g/t 1.97 3.26 1.90 3.61
Gold content oz. '000 8.1 18.7 14.0 40.2
Recovery % 77.6 76.0 74.5 79.4
Gold recovered oz. '000 6.3 14.2 10.5 31.9
----------------------------- ---------- -------------- ----------- ----------- ------
Flotation plant, refractory
ores
----------------------------------------- -------------- ----------- ----------- ------
Ore milled t '000 935 917 1,904 1,812
Average grade g/t 1.29 1.19 1.29 0.97
Gold content oz. '000 38.9 35.1 78.8 56.3
Recovery % 83.2 87.0 85.1 87.0
Concentrate yield % 3.7 3.7 3.7 3.3
Concentrate produced t '000 34.7 34 70.4 59
Grade g/t 29.0 28.1 29.6 25.8
Gold content oz. '000 32.4 30.6 67.1 48.9
POX Plant (Malomir concentrate)
----------------------------------------- -------------- ----------- ----------- ------
Concentrate treated t '000 38.0 44 76.4 76
Average grade g/t 29.8 27.8 29.9 29.7
Gold in concentrate oz. '000 36.5 39.0 73.5 72.1
Recovery % 91.5 87.8 91.5 86.0
Gold recovered oz. '000 33.4 34.2 67.3 62.0
----------------------------- ---------- -------------- ----------- ----------- ------
Total gold production
(doré) oz. '000 46.4 48.6 81.6 93.1
----------------------------- ---------- -------------- ----------- ----------- ------
Note: Numbers may not add up due to fluctuation of gold in
circuit
Following a weaker first quarter caused by higher than expected
dilution at the Quarzitovye underground mine, the second quarter
has improved due to strong performance at the POX plant in terms of
concentrate volumes processed.
In total, H1 2020 production was 81.6koz of gold with Q2 2020
production of 46.4koz. Malomir remains on track to reach its full
year production target.
LLC Albynskiy Rudnik
LLC Albynskiy Rudnik is a holder of the licence for the Albyn
deposit, the Group's principal non-refractory asset which operates
as a conventional open pit mine and RIP processing circuit. The
mine life of the Albyn deposit is expected to cease in 2020.
Thereafter, the Company intends to use Albyn's current processing
facilities to treat ore from the nearby Elginskoye deposit and
potentially from the earlier-stage Unglichikanskoye deposit in the
future, as well as potentially from smaller deposits located
nearby.
These deposits contain JORC Measured, Indicated and Inferred
Mineral Resources of 3.93Moz Au, including 2.32Moz of JORC Proved
and Probable Ore Reserves. During 2020, the Elginskoye pit has been
developed to replace the Albyn pit as the main source of
non-refractory ore from Q4 2020. A road between Elginskoye and the
Albyn processing plant was completed in August 2019.
ALBYN Units Q2 2020 Q2 2019 H1 2020 H1 2019
------------------------ ---------- -------- -------- -------- --------
Mining Operations
------------------------ ---------- -------- -------- -------- --------
Total material moved m3 '000 3,450 3,124 6,803 6,347
Ore mined t '000 552 1,373 1,845 2,429
Average grade g/t 0.66 1.11 0.94 1.17
Gold content oz. '000 11.7 48.9 55.7 91.0
Processing operations (RIP
Plant)
------------------------------------ -------- -------- -------- --------
Ore milled t '000 1,166 1,197 2,318 2,333
Average grade g/t 0.85 1.09 1.00 1.12
Gold content oz. '000 32.0 41.8 74.9 83.7
Recovery % 93.8 94.2 93.9 94.0
Gold recovered oz. '000 30.0 39.4 70.3 78.6
Total gold production
(doré) oz. '000 31.3 37.9 71.8 79.2
------------------------ ---------- -------- -------- -------- --------
Note: Numbers may not add up due to fluctuation of gold in
circuit
In total, H1 2020 production was 71.8koz of gold with Q2 2020
production of 31.3koz. Albyn remains on track to reach its full
year production target.
About Petropavlovsk
Petropavlovsk PLC (LSE: POG. MOEX: POGR) is a major integrated
Russian gold producer with JORC Resources of 21.03Moz Au which
include Reserves of 8.46Moz Au. Following its IPO on the
Alternative Investment Market (AIM) in 2002, Petropavlovsk was
promoted to the London Stock Exchange in 2009, where today it is a
Premium Listed company and a constituent of the FTSE 250, FTSE 350
and FTSE All Share indices.
The Company's key operating mines (Pioneer, Malomir and Albyn)
are in the Amur Region in the Russian Far East. Petropavlovsk has
produced a total of c. 7.9Moz of gold since operations began in
1994 and 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 and www.ircgroup.com.hk 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
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.
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END
TSTRJMATMTITMMM
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July 23, 2020 02:00 ET (06:00 GMT)
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