Petropavlovsk PLC Board update on governance and operational matters (5172X)
August 28 2020 - 11:53AM
UK Regulatory
TIDMPOG
RNS Number : 5172X
Petropavlovsk PLC
28 August 2020
28 August 2020
Petropavlovsk PLC
Board update on governance and operational matters
As announced on 17 August 2020, the immediate priority of the
board of directors (the "Board") of Petropavlovsk PLC
("Petropavlovsk" or the "Company" or, together with its
subsidiaries, the "Group") has been to ensure the on-going
stability of operations. As part of this process, the Board acted
decisively to appoint Maxim Meshcheriakov as Interim CEO. Mr
Meshcheriakov carries the Board's full confidence and authority in
line with his current position as the Company's most senior
executive officer.
The Board is pleased to report that under Mr Meshcheriakov's
leadership, the Group's mining operations continue to function
normally. However, notwithstanding Mr Meshcheriakov's due
appointment as Interim CEO, he has unfortunately encountered a lack
of co-operation from some employees and ex-employees in certain of
the Russian subsidiaries as he works to implement a robust and
transparent controls framework across the Group. The Board is
continuing to work with Mr Meshcheriakov to resolve these issues in
the best interests of all stakeholders.
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.7.8Moz 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 or contact:
Petropavlovsk PLC +44 (0) 20 7201 8900
Patrick Pittaway / Max Zaltsman / Viktoriya TeamIR@petropavlovsk.net
Kim
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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