Petropavlovsk plc
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Petropavlovsk plc (formerly Peter Hambro Mining plc) is a London-based
gold mining Gold mining is the extraction of gold resources by mining. Historically, mining gold from alluvial deposits used manual separation processes, such as gold panning. However, with the expansion of gold mining to ores that are not on the surface, ...
company with operations in Russia. The company is listed on the
London Stock Exchange London Stock Exchange (LSE) is a stock exchange in the City of London, England, United Kingdom. , the total market value of all companies trading on LSE was £3.9 trillion. Its current premises are situated in Paternoster Square close to St P ...
.


History

The Group was founded by
Peter Hambro Peter Charles Percival Hambro (born 18 January 1945) is one of the founders of Petropavlovsk plc, (formerly Peter Hambro Mining), a gold mining business in Russia. Early life Peter Hambro was born on 18 January 1945,Amur region Amur Oblast ( rus, Аму́рская о́бласть, r=Amurskaya oblast, p=ɐˈmurskəjə ˈobləsʲtʲ) is a federal subject of Russia (an oblast), located on the banks of the Amur and Zeya Rivers in the Russian Far East. The administrativ ...
,
Russian far east The Russian Far East (russian: Дальний Восток России, r=Dal'niy Vostok Rossii, p=ˈdalʲnʲɪj vɐˈstok rɐˈsʲiɪ) is a region in Northeast Asia. It is the easternmost part of Russia and the Asian continent; and is admin ...
. In 2002, the Company was first listed on the
Alternative Investment Market AIM (formerly the Alternative Investment Market) is a sub-market of the London Stock Exchange that was launched on 19 June 1995 as a replacement to the previous Unlisted Securities Market (USM) that had been in operation since 1980. It allows ...
. Peter Hambro Mining fully acquired Aricom, a business formed by
Peter Hambro Peter Charles Percival Hambro (born 18 January 1945) is one of the founders of Petropavlovsk plc, (formerly Peter Hambro Mining), a gold mining business in Russia. Early life Peter Hambro was born on 18 January 1945,Amur Region Amur Oblast ( rus, Аму́рская о́бласть, r=Amurskaya oblast, p=ɐˈmurskəjə ˈobləsʲtʲ) is a federal subject of Russia (an oblast), located on the banks of the Amur and Zeya Rivers in the Russian Far East. The administrativ ...
, in April 2009. It was also first fully listed on the
London Stock Exchange London Stock Exchange (LSE) is a stock exchange in the City of London, England, United Kingdom. , the total market value of all companies trading on LSE was £3.9 trillion. Its current premises are situated in Paternoster Square close to St P ...
in April 2009. 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. 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 The Stock Exchange of Hong Kong (SEHK, also known as Hong Kong Stock Exchange) is a stock exchange based in Hong Kong. As of the end of 2020, it has 2,538 listed companies with a combined market capitalization of HK$47 trillion. It is rep ...
as IRC Ltd. In 2017, founder
Peter Hambro Peter Charles Percival Hambro (born 18 January 1945) is one of the founders of Petropavlovsk plc, (formerly Peter Hambro Mining), a gold mining business in Russia. Early life Peter Hambro was born on 18 January 1945,Viktor Vekselberg Viktor Felixovich Vekselberg (russian: Виктор Феликсович Вексельберг, uk, Віктор Феліксович Вексельберг; born April 14, 1957) is a Ukrainian-born Russian–Israeli-Cyprus oligarch, billion ...
. 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 Keñes Hamitūly Raqyşev ( kk, Кеңес Хамитұлы Рақышев, , born 14 July 1979) is a Kazakh businessman and public figure, international Investor, and founder of Fincraft Group. Included in the Forbes Top 50 influential entreprene ...
, the largest shareholder with 22% of the shares in the company, supported the vote and the move to appoint the new directors. In August 2020, following June boardroom changes which were not supported by Prosperity Capital Management, 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. The immediate priority of the board of directors of Petropavlovsk PLC would be to ensure the on-going stability of operations and to strengthen governance of the company following a boardroom tussle. 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. On 26 August 2020 Meshcheriakov and a team led by him invaded the Moscow office of the Pokrovskiy Mine. 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. 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. In December 2021, Petropavlovsk, sold its 31.1% stake in
IRC Limited IRC Limited (IRC; ) () is a Hong Kong-based business that is focused on exploring for, developing, and operating industrial commodity projects, particularly in the mining sector. Its operations are centred in the Far East of Russia and in China's ...
to
Gazprombank Gazprombank (russian: Газпромбанк), or GPB (JSC), is a private-owned Russian bank, the third largest bank in the country by assets. Since November 2014, Yuri Shamalov's Gazfond is its largest shareholder. The bank’s principal busine ...
(24.07%) and to Dmitry Bakatin (5.79%). In July 2022, the company decided to file for
administration Administration may refer to: Management of organizations * Management, the act of directing people towards accomplishing a goal ** Administrative Assistant, traditionally known as a Secretary, or also known as an administrative officer, admini ...
after one of its lenders,
Gazprombank Gazprombank (russian: Газпромбанк), or GPB (JSC), is a private-owned Russian bank, the third largest bank in the country by assets. Since November 2014, Yuri Shamalov's Gazfond is its largest shareholder. The bank’s principal busine ...
, 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.


Operations


Mines

The Group's principal assets are four hard-rock gold mines in the
Amur The Amur (russian: река́ Аму́р, ), or Heilong Jiang (, "Black Dragon River", ), is the world's tenth longest river, forming the border between the Russian Far East and Northeastern China ( Inner Manchuria). The Amur proper is long, ...
region,
Russian far east The Russian Far East (russian: Дальний Восток России, r=Dal'niy Vostok Rossii, p=ˈdalʲnʲɪj vɐˈstok rɐˈsʲiɪ) is a region in Northeast Asia. It is the easternmost part of Russia and the Asian continent; and is admin ...
:


Pioneer

Pioneer is the Group’s largest mine and one of the largest gold mines in the
Russian far east The Russian Far East (russian: Дальний Восток России, r=Dal'niy Vostok Rossii, p=ˈdalʲnʲɪj vɐˈstok rɐˈsʲiɪ) is a region in Northeast Asia. It is the easternmost part of Russia and the Asian continent; and is admin ...
. 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.


Pokrovskiy

Pokrovskiy is an open-pit gold mine located in the western part of the
Amur The Amur (russian: река́ Аму́р, ), or Heilong Jiang (, "Black Dragon River", ), is the world's tenth longest river, forming the border between the Russian Far East and Northeastern China ( Inner Manchuria). The Amur proper is long, ...
region, approximately 10 km from the nearest station on the
Trans-Siberian Railway The Trans-Siberian Railway (TSR; , , ) connects European Russia to the Russian Far East. Spanning a length of over , it is the longest railway line in the world. It runs from the city of Moscow in the west to the city of Vladivostok in the ea ...
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.


Malomir

Malomir is the Group's first large-scale mine located in the north-east of the
Amur The Amur (russian: река́ Аму́р, ), or Heilong Jiang (, "Black Dragon River", ), is the world's tenth longest river, forming the border between the Russian Far East and Northeastern China ( Inner Manchuria). The Amur proper is long, ...
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.


Albyn

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


Training

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.


Carbon footprint

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

{{DEFAULTSORT:Petropavlovsk plc Companies based in the City of Westminster Non-renewable resource companies established in 1994 1994 establishments in England Mining companies based in London Mayfair Companies listed on the London Stock Exchange 2002 initial public offerings