Petropavlovsk PLC Board and Executive Appointments (6715R)
July 01 2020 - 2:28AM
UK Regulatory
TIDMPOG
RNS Number : 6715R
Petropavlovsk PLC
01 July 2020
1 July 2020
Petropavlovsk PLC
Board and Executive Appointments
Petropavlovsk PLC ("Petropavlovsk" or the "Company"), is pleased
to announce the appointment of Mr Martin Smith as a Non-Executive
Director and Dr Pavel Maslovskiy as Chief Operating Officer ("COO")
of Petropavlovsk, with immediate effect. Dr Maslovskiy's
appointment is in a non-Director capacity and the Board wishes to
make clear that Mr Danila Kotlyarov remains in the role of Chief
Financial Officer ("CFO") also in a non-Director capacity. Dr
Maslovskiy and Mr Kotlyarov both remain as members of the Company's
Executive Committee.
In addition to the Temporary Director appointments announced by
the Company yesterday, Petropavlovsk is also pleased to announce
the appointment of Mr Martin Smith as an Independent Non-Executive
Director. Mr Smith will be appointed as a Temporary Director on the
same basis as was announced on 30 June 2020. Martin is a Chartered
Engineer and qualified mining engineer. He has nearly 45 years
experience as a mining engineer, and has worked at some of the
world's largest mining companies, including acting as Deputy CEO at
Petropavlovsk where he was also a director on the Board until May
2015.
Commenting on these announcements, Dr Alya Samokhvalova, CEO
said:
"Given the Board changes we announced yesterday, I am pleased
that Dr Maslovskiy has agreed to take up the position of COO in the
interim period whilst the Company seeks to reconstitute the Board.
In this role, he can fully focus on our operations and ensure the
Group continues its positive trajectory with its assets and POX
Hub. This is particularly important as we are nearing the start-up
of our second flotation plant, at Pioneer, which forms an integral
part of our development and acts as a feeder for the POX Hub.
The development of these assets is testament to Pavel's
leadership, technical ability and professionalism and it is
essential that he is able to continue this progress.
I am also confident that, with Danila Kotlyarov continuing his
role as CFO, our business and operations will continue to thrive
and deliver strong cash flows to the Group.
With both Pavel and Danila remaining with the Group this
provides the management continuity that the Board considers is
essential for continued operational excellence.
I would also like to welcome Mr Martin Smith as an excellent
addition to the Board. Martin has previously held senior roles
within the mining industry and will significantly boost the Board's
operational expertise with his mining engineering background.
Looking forward, the new Board and myself are committed to
ensuring all needs of our stakeholders continue to be met, and we
seek to maintain our high standards of Corporate Governance. Ahead
of forming a new Board at a General Meeting to be held within three
months, the Board is seeking to engage with all of our
shareholders, including our largest shareholder, Joint Stock
Company "Uzhuralzoloto Group of Companies", to understand their
interests with respect to the Group's future strategy."
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
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
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END
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