| Type | Public (LSE: POG) |
|---|---|
| Industry | Mining, metallurgy |
| Founded | 1994 |
| Headquarters | Listed in London, England. Operates in Russia |
| Key people |
Mr Peter Hambro (Chairman of the board) Senator Pavel Maslovskiy (Honorary President) Mr Sergey Ermolenko (CEO) Mr Martin Smith (Deputy CEO) |
| Products | Gold |
| Revenue | US $612.0 million (2010)[1] |
| Operating income | US $118.3 million (2010)[1] |
| Profit | US $23.0 million (2010)[1] |
| Employees | 11,789 (2010)[1] |
| Subsidiaries | IRC |
| Website | www. petropavlovsk.net |
Petropavlovsk plc (LSE: POG) (formerly Peter Hambro Mining plc) is a London-based gold mining company with operations in Russia. Its shares are listed on the London Stock Exchange and are constituents of the FTSE 250 Index.
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The Company was formed by Peter Hambro and Pavel Maslovskiy in 1994 to exploit gold reserves in Eastern Russia.[2] In 2002, the Company was first listed on the Alternative Investment Market.[2] Peter Hambro Mining fully acquired Aricom, a business formed by Peter Hambro and Pavel Maslovskiy and operating in the Amur Region, in April 2009.[3] It was also first fully listed on the London Stock Exchange in April 2009.[2]
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.[4]
In October 2010, the group floated its non-precious metals division (the assets previously held by Aricom plc) on the Stock Exchange of Hong Kong as IRC Ltd (Stock Exchange Code: HK1029). The group has retained a 65.6% stake in IRC.[5]
The group is one of the largest gold producers in Russia and has been one of the fastest growing gold producers listed on the London Stock Exchange, enjoying an annual year-on-year increase in gold production since it first listed in 2002.[6]
The group operates four hard-rock gold mines which are all located in the Amur Region of Eastern Russia.[7] The region offers a wealth of mineral deposits and provides strong infrastructure for the Group's key assets.
All four mines were developed in-house from early-stage exploration sites by the group’s specialist geological, engineering and construction teams.[8]
As the group’s mining assets are all located in Russia, the group’s operations are run in accordance with Russian labour, environmental, health and safety laws. As a consequence, the group has a good environmental management and safety track record compared to some of its peers in the mining sector. In order to provide greater transparency to its international shareholders and stakeholders, the Group in recent years has sought to align its policies and procedures with international best practice.[9]
The group's gold reserves stand at 9.4Moz and gold resources at 24.4Moz (in accordance with the JORC Code (2004)).[10] The group’s exploration activities are focused on areas adjacent to its existing mines and around new growth clusters.[11]
The group is constructing a processing hub at its Pokrovskiy mine, the group’s historical home in the Russian Far East, which will process flotation concentrate from the Pioneer and Malomir mines. Long-term, the group’s management believes that the hub may give it a strong competitive advantage in the Russian Far East as it will be able to process other types of refractory ores from a variety of types of gold deposit.[12]
Charitable donations across the Petropavlovsk Group totalled US$2.5 million in 2010.[13]