Petropavlovsk PLC Board and Management Update (1028F)
16 February 2018 - 6:00PM
UK Regulatory
TIDMPOG
RNS Number : 1028F
Petropavlovsk PLC
16 February 2018
16 February 2018
Petropavlovsk PLC
Board and Management Update
Petropavlovsk PLC announces the appointment of Adrian Coates as
an Independent Non-Executive Director with immediate effect.
Mr Coates has many years' experience in the investment banking
industry, having held senior positions with HSBC Bank plc and UBS
Investment Bank amongst others, latterly with a specialisation in
the natural resources sector. Since then, Mr Coates has held
Non-Executive positions at both Polyus Gold International Limited,
Kazakhgold Group Limited and Regal Petroleum plc. He has also
worked as a strategic consultant to prominent clients in the metals
and mining industry.
Mr Coates holds Non-Executive positions at JKX Oil and Gas plc,
where he is Senior Independent Director and Chairman of the Audit
Committee, and at Thor Explorations Ltd, where he is Non-Executive
Director and Chairman of the Audit Committee.
Commenting on the announcement regarding Adrian Coates,
Petropavlovsk Chairman, Ian Ashby said:
"The Board is pleased to welcome Adrian to Petropavlovsk and
looks forward to working together with the augmented team following
the recent appointments of Roman Deniskin and Bektas Mukazhanov
announced on 8(th) February 2018.
We believe Adrian's experience will be very valuable and intend
to recommend to IRC Limited's Board of Directors that he should
also become a member of its Board."
Petropavlovsk PLC also announces the resignation of Andrey
Maruta, who is currently Chief Financial Officer and a member of
the Board. Andrey will depart from the Company on 1(st) April 2018
after the 2017 audited accounts are approved and will provide
consultancy services to the Company for several months thereafter
in order to provide a smooth transfer of responsibilities.
With respect to Andrey Maruta, Ian Ashby said, "Andrey has been
an important part of the Petropavlovsk Board and senior management
team for a number of years. It is his decision to seek other
opportunities, and we are sorry to see him leave. We wish him well
in the future."
The Company is commencing a search for a successor to Mr
Maruta.
In respect of the appointment of Mr Coates, there is no other
information to disclose in respect of Listing Rule 9.6.13.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
About Petropavlovsk
Petropavlovsk is one of Russia's leading gold mining companies.
As at 31 December 2017, the Company had
produced approximately 6.8Moz of gold.
At this time, 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 3,430km(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 2017). 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 Buchanan
Alya Samokhvalova Bobby Morse
Grace Hanratty Anna Michniewicz
+44 (0) 20 7201 8900 +44 (0) 207 466 5000
TeamIR@petropavlovsk.net POG@buchanan.uk.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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