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Petropavlovsk plc

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Petropavlovsk plc (formerly Peter Hambro Mining plc) is a London-based gold mining company with operations in Russia. The company is listed on the London Stock Exchange.

Petropavlovsk plc
Company typePublic company (
IndustryGold mining
Founded1994
HeadquartersListed in London, England. Operates in Russia
Key people
James Cameron Jr (Chairman)
Denis Alexandrov (CEO)[1]
ProductsGold
RevenueIncrease $ 988.5 million (2020)[2]
Decrease $ 148.0 million (2020)[2]
Decrease $ (48.9) million (2020)[2]
Total assetsDecrease $ 1,731.0 million (2020)[2]
Total equityIncrease $ 671.6 million (2020)[2]
SubsidiariesIRC Limited
Websitewww. petropavlovsk.net

History edit

The Group was founded by Peter Hambro and Pavel Maslovskiy in 1994 as an Anglo-Russian venture to develop a highly-prospective, under-developed gold project in the Amur region, Russian far east.[3]

In 2002, the Company was first listed on the Alternative Investment Market.[4] Peter Hambro Mining fully acquired Aricom, a business formed by Peter Hambro and Pavel Maslovskiy and operating in the Amur Region, in April 2009.[5] It was also first fully listed on the London Stock Exchange in April 2009.[6]

In September 2009, the company changed its name from Peter Hambro Mining plc to Petropavlovsk plc, retaining the POG stock exchange code, in order to reinforce its Russian focus.[7]

In October 2010, the company floated its non-precious metals division (the assets previously held by Aricom plc) on the Stock Exchange of Hong Kong as IRC Ltd.[8]

In 2017, founder Peter Hambro stepped down as chairman of the company and Pavel Maslovskiy resigned after pressure from a group of shareholders led by Viktor Vekselberg.[9] However, following a vote taken at the company’s annual general meeting on 29 June 2018, it was announced that Pavel Maslovskiy would return to the board of Petropavlovsk along with Sir Roderic Lyne and Robert Jenkins. Kenges Rakishev, the largest shareholder with 22% of the shares in the company, supported the vote and the move to appoint the new directors.[10][11]

In August 2020, following June boardroom changes which were not supported by Prosperity Capital Management,[12] Petropavlovsk announced the appointment of an interim chief executive. Maksim Meshcheriakov, a Russian executive, would replace co-founder Pavel Maslovskiy, who had left the group. Petropavlovsk also named James Cameron, an existing independent director, as its new chairman.[13]

The immediate priority of the board of directors of Petropavlovsk PLC would be to ensure the on-going stability of operations[14] and to strengthen governance of the company following a boardroom tussle.[15]

Doubts about the competence and independence of an interim chief executive, Maksim Meshcheriakov, were voiced by the Pokrovskiy Mine labor union. The managers of the company's key mines requested the Board to disclose important information regarding the interim CEO. In their letter they wrote that he was not independent, did not have the relevant mining experience of more than 17 years, had been involved in questionable transactions and may still be regarded as a politically exposed person.[16]

On 26 August 2020 Meshcheriakov and a team led by him invaded the Moscow office of the Pokrovskiy Mine.[17][18] After Meshcheriakov spent a day spent in the office, the IT-systems and software that provide the daily work were destroyed, the submission of reports to state regulatory bodies was interrupted and the HR-department's database was destroyed completely. Part of the data containing proprietary information disappeared and was probably stolen, the other part was destroyed.[19]

In October 2020 it was announced that Meshcheryakov would face a Russian criminal probe following his forced entry of the company's Moscow office. A letter, signed by Alexander Fedorov, vice-chairman of the investigating committee, referred to "indications of criminal activities" under two parts of Russia's criminal code relating to theft and illegal entry.[20]

In December 2021, Petropavlovsk, sold its 31.1% stake in IRC Limited to Gazprombank (24.07%) and to Dmitry Bakatin (5.79%).[21]

In July 2022, the company decided to file for administration after one of its lenders, Gazprombank, demanded repayment of a $201m (£169.3m) loan and Petropavlovsk was unable to meet the demand because it was prohibited from doing so by the sanction regime against Russia.[22]

Operations edit

Mines edit

The Group's principal assets are four hard-rock gold mines in the Amur region, Russian far east:[23]

Pioneer edit

Pioneer is the Group’s largest mine and one of the largest gold mines in the Russian far east. The Group acquired a licence to explore, develop and mine the Pioneer deposit in 2001. The mine was commissioned in April 2008 with the installation of a 0.7Mtpa milling line. Since then, the plant has undergone further expansion to reach the current capacity of 6.6Mtpa. The mine still remains highly prospective as new licence areas surrounding the original mine site are still being explored.[24]

Pokrovskiy edit

Pokrovskiy is an open-pit gold mine located in the western part of the Amur region, approximately 10 km from the nearest station on the Trans-Siberian Railway and 35 km from Pioneer. It is one of the largest producing gold mines in the Amur region in terms of annual production. The Group acquired the licence to explore, develop and mine the Pokrovskiy deposit in 1994, when it was still at a very early stage of development. The mine became operational five years later in 1999 when heap-leaching facilities were added. The RIP processing plant was commissioned in 2002 and subsequently expanded to its current capacity of 1.7Mtpa in 2004. To date, the Pokrovskiy mine has produced over 1.6Moz of gold. The mine is the site of the Group's pressure oxidation ("POX") processing hub.[25]

Malomir edit

Malomir is the Group's first large-scale mine located in the north-east of the Amur region. Acquired in 2003 as a greenfield site, Malomir was commissioned on target in 2010 and the plant was expanded in July 2010, despite the project's remote location in the north-east Amur region.[26]

Albyn edit

The Albyn licence area was acquired in 2005 as a greenfield site and was commissioned on target in November 2011.[27] Albyn remains one of the Group’s most prospective projects, with exploration continuing to yield positive results.[28]

Training edit

In 2007, the Group established a training college close to the Pokrovskiy mine. The College is certified to offer training in more than 40 mining professions.[29]

Carbon footprint edit

Petropavlovsk reported Total CO2e emissions (Direct + Indirect) for 31 December 2020 at 454 Kt (-0.73 /-0.2% y-o-y).[30]

Petropavlovsk's Total CO2e emissions (Direct + Indirect) (in kilotonnes)
Dec 2018 Dec 2019 Dec 2020
428[31] 455[32] 454[30]

References edit

  1. ^ Thicknesse, Edward (30 November 2020). "Gold miner Petropavlovsk appoints new chief exec". City A.M. Archived from the original on 19 January 2021. Retrieved 19 January 2021.
  2. ^ a b c d e "Preliminary Results 2020" (PDF). Petropavlovsk plc. Retrieved 20 May 2021.
  3. ^ "Peter Hambro returns to Russian gold miner Petropavlovsk". FT.com. 27 September 2018. Archived from the original on 11 December 2022. Retrieved 6 March 2020.
  4. ^ "Peter Hambro Mining takes Aim". Growth Company. 26 April 2002. Retrieved 6 March 2020.
  5. ^ Crust, Julie (22 April 2009). "Peter Hambro moves to LSE main market". Reuters. Retrieved 23 April 2009.
  6. ^ "Hambro to raise $79 million, sees offer for Aricom". Reuters. 5 February 2009. Retrieved 6 March 2020.
  7. ^ "Peter Hambro Mining changes name to Petropavlovsk". Metal Bulletin. Retrieved 6 March 2020.
  8. ^ "Petropavlovsk plans non-precious metals IPO for Oct". Mineweb. Retrieved 13 September 2010.
  9. ^ "Peter Hambro to step down as Petropavlovsk chairman". Financial Times. 15 May 2017. Archived from the original on 11 December 2022. Retrieved 16 July 2018.
  10. ^ "Ex-Petropavlovsk boss set to return to Russian gold miner". Financial Times. Archived from the original on 11 December 2022. Retrieved 16 July 2018.
  11. ^ "Petropavlovsk turns up the heat on biggest shareholder Rakishev". Reuters. 31 May 2018. Retrieved 20 January 2019.
  12. ^ "FAQs & Info". www.stop-takeover-of-pog.com. Retrieved 2 September 2020.
  13. ^ Petropavlovsk appoints interim chief, Financial Times, 17 August 2020
  14. ^ "Board update on governance and operational matters" (PDF).
  15. ^ "Petropavlovsk Names Meshcheriakov As Interim CEO To Ensure Stability".
  16. ^ "Руководство рудников Petropavlovsk запросило информацию о новом гендиректоре".
  17. ^ "Сотрудников офиса АО "Покровский рудник" в Москве выгнали "граждане спортивного вида"". Росбалт (in Russian). Retrieved 2 September 2020.
  18. ^ "В Москве предпринята попытка захвата офиса золотодобывающей компании "Покровский рудник"". Взгляд (in Russian). Retrieved 2 September 2020.
  19. ^ "Начался силовой захват компании "Петропавловск"". www.amur.info (in Russian). Retrieved 2 September 2020.
  20. ^ "Petropavlovsk chief executive faces Russian criminal probe". Financial Times. 22 October 2020. Archived from the original on 11 December 2022. Retrieved 23 October 2020.
  21. ^ "Газпромбанк выкупил блокирующий пакет железнорудной компании IRC". Forbes (in Russian). 10 December 2021.
  22. ^ "Sanctions bite: London-listed Russian mining firm Petropavlovsk to suspend trading and file for administration". City AM. 12 July 2022. Retrieved 13 July 2022.
  23. ^ "Petropavlovsk PLC". Kenes (Kenges) Rakishev Official Website. Retrieved 20 January 2019.
  24. ^ Pioneer mine drives Petropavlovsk Archived 24 September 2015 at the Wayback Machine Investors Chronicle, 9 September 2011
  25. ^ "Petropavlovsk nears first gold production at POX plant". International Mining. 27 November 2018. Retrieved 6 March 2020.
  26. ^ "Profits soar at Peter Hambro". FT.com. 27 August 2009. Archived from the original on 11 December 2022. Retrieved 6 March 2020.
  27. ^ "В пятницу начал работу горно-гидрометаллургический комбинат "Албын"". Portamur.ru. Retrieved 6 March 2020.
  28. ^ Gold miner Petropavlovsk lifts production target, while WH Smith sees sales improvement The Guardian
  29. ^ "ЧНПОУ "Покровский горный колледж" - Главная страница". Pgk-amur.ucoz.ru. Retrieved 6 March 2020.
  30. ^ a b "Petropavlovsk's Sustainability Report for 2020Q4" (PDF). Archived from the original (PDF) on 1 October 2021. Alt URL
  31. ^ "Petropavlovsk's Sustainability Report for 2020Q4" (PDF). Archived from the original (PDF) on 1 October 2021. Alt URL
  32. ^ "Petropavlovsk's Sustainability Report for 2020Q4" (PDF). Archived from the original (PDF) on 1 October 2021. Alt URL
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