A few readers have been asking about Russian gold miner, fully-listed Petropavlovsk (POG). As the dust starts to settle after the latest round of corporate shenanigans, there are enough signs for me to give this outfit a very wide berth...
Petropavlovsk (POG) has updated on the final quarter and full-year 2019 and that it is “confident the company can significantly increase production to between 620koz to 720koz in the coming year, including treatment of third-party concentrates”…
Petropavlovsk (POG) has updated on increased gold sales (to 126.4koz) and average realised gold price (to $1,388/oz) in the third quarter, with CEO Dr Pavel Maslovskiy emphasising “the smooth ramp-up has continued at the POX Hub where we have now successfully commenced treating third party concentrates during the quarter”…
Petropavlovsk (POG) has announced results for the first half of 2019 including that it “remains on track to meet its full-year target of c.450koz - 500koz of gold sales (including the processing of 2018 Malomir stockpiles but excluding upside from third-party concentrate purchases)”, with also “the confidence to decrease total cash cost guidance for the full year to US$750 - US$850/oz”…
A “2019 Half Year Trading Update” followed by “Heavy Rainfall Event at the Malomir Mine” announcements from Petropavlovsk (POG)…
Petropavlovsk (POG) has announced a “Convertible bond offering and repurchase” – with net proceeds to be used to advance construction of a new flotation facility at the company's Pioneer mine…
Petropavlovsk (POG) has announced “it has received the Rouble equivalent of approximately US$57 million as full repayment of the two bridge loans advanced by Petropavlovsk to IRC during 2018”…
Following General Meeting approval last week, Petropavlovsk (POG) “is pleased to announce that the refinancing of the outstanding Industrial and Commercial Bank of China Ltd loan has been completed following an initial drawdown on a new US$240 million facility with JSC Gazprombank by the Kimkano-Sutarsky Mining and Beneficiation Plant LLC, a wholly owned subsidiary of IRC Limited”…
A 19th December update from Petropavlovsk (POG) included “the bridge loan will be repaid to Petropavlovsk upon full completion of the new facility which is expected to be in late February 2019”. There’s now an “Update on Temporary Bridge Loan to IRC” announcement…
Petropavlovsk (POG) has updated including “total gold production for 2018 was 422.3Koz… the group is targeting FY 2019 gold production of 450 - 500Koz”, with it “very proud to report the successful commissioning of our cornerstone project, the Pokrovskiy Pressure Oxidation plant”…
Petropavlovsk (POG) has updated that the first stage of its plan to reduce its guarantee for 31.1% owned IRC Limited is completed and that “with the twin events of concluding the restructuring of the IRC Facility, and with the successful ongoing ramp up of Petropavlovsk's Pressure Oxidation Hub, the company is poised to generate returns for its stakeholders in 2019 and beyond”…
Petropavlovsk (POG) has announced the initial processing of refractory concentrate at its pressure oxidation (‘POX’) hub – emphasising this “marks a significant moment in the company's history, as we begin to process our refractory ore via the newest and most technologically advanced POX processing facility in Russia, a month ahead of schedule”…
An update from Petropavlovsk (POG) as it progresses POX Hub commissioning and IRC Limited progresses refinancing…
Petropavlovsk (POG) has announced results for the first half of 2018, which it notes “show the effect of the disruptions to the operations caused by the management hiatus in H1” but the recently returned management emphasise that “we can already report significant progress”…
The recently returned management at Petropavlovsk (POG) are “pleased to have made significant progress” with one of their “key objectives” - “to achieve a solution to remove the company's guarantee of IRC's borrowings”…
