Petropavlovsk PLC Appointment of Interim CEO (4257L)
19 July 2017 - 1:30AM
UK Regulatory
TIDMPOG
RNS Number : 4257L
Petropavlovsk PLC
18 July 2017
18 July 2017
Petropavlovsk PLC
Appointment of Interim CEO
The Board of Petropavlovsk PLC ("Petropavlovsk" or the "Company"
or, together with its subsidiaries, the "Group") is pleased to
announce the appointment of Mr Sergey Ermolenko as Acting Chief
Executive Officer of the Company and a Director of the Company with
immediate effect. Mr Ermolenko replaces Dr Pavel Maslovskiy, who
resigned yesterday.
Mr Ermolenko, who is currently General Director of Management
Company Petropavlovsk, was CEO of Petropavlovsk PLC from December
2011 to November 2014 when Dr Maslovskiy was serving as a Russian
senator. Mr Ermolenko is one of the original members of the Group's
founding management team.
Mr Ermolenko has held top managerial positions with the Group
since its inception in 1994. In his previous capacity as Director
of Pokrovskiy Rudnik, he was responsible for bringing the
Pokrovskiy mine into production. He was appointed General Director
of Management Company Petropavlovsk in 2004. In this capacity, he
led the expansion of the Group into a multi mine operator, was
Chairman of the Operational Committee and a member of the Executive
Committee.
The formal recruitment process to find an external permanent
replacement for Dr Maslovskiy is commencing immediately and the
Board believes that Mr Ermolenko, with his extensive experience of
Petropavlovsk operations, will ensure a smooth transition.
Ian Ashby, Independent Non-Executive Chairman, comments:
"I am confident that Sergey will provide strong support to the
Board during its search for a permanent replacement for Dr
Maslovskiy. Sergey is uniquely positioned to assist the Board in
its continued focus on operational performance. We look forward to
working together."
About Petropavlovsk
Petropavlovsk is one of Russia's leading gold mining companies.
As at 30th June 2017, the Company had produced approximately 6.5Moz
of gold.
Petropavlovsk is in the construction phase of a state of the art
pressure oxidation facility to process the Company's substantial
refractory resource base. The Company's combined 3,600km(2) license
holding has untapped resource potential. The Company is a leading
employer and contributor to the development of the local economy in
the Amur region, Russian Far East, where it has operated since
1994.
Petropavlovsk is a shareholder (31.1%) of IRC Limited and is the
guarantor of the US$340 million project finance facility (US$234
million principal outstanding, as at 31 December 2016). IRC is a
vertically integrated iron ore producer and developer in the
Russian Far East and North Eastern China. IRC is listed on the Hong
Kong Stock Exchange (Ticker: 1029.HK).
Petropavlovsk is listed on the Main Market of the London Stock
Exchange (Ticker POG:LN)
Enquiries
For more information, please visit www.petropavlovsk.net and
www.ircgroup.com.hk or contact:
Petropavlovsk PLC Maitland
Alya Samokhvalova Neil Bennett
Grace Hanratty James Isola
+44 (0) 20 7201 8900 +44 (0) 20 7379 5151
TeamIR@petropavlovsk.net Petropavlovsk-Maitland@maitland.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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