Petropavlovsk Share Discussion Threads

[midasx] 20/10/2020 14:01

Do you feel a completely new BOD and a new auditor may have something to do with it?

Although the interim results are not fully audited they will no doubt be fully checked by the new auditors who were appointed a few short weeks ago.

WTFDYE!

[midasx] 20/10/2020 11:35

They clearly stated further details will be made available in due course, probably on the financial calendar on the company website.

We know what the half year results look like from the trading update and the interims are usually unaudited. However they may be looking more forensically due to previous corporate governance issues.

I will give them the benefit of the doubt unless they deliberately increase uncertainty by delaying the interims beyond the end of the month without suitable justification.

Volume has dried up down here, trading at 30.4p equivalent in the Russian market.


21 September 2020

Petropavlovsk PLC ("Petropavlovsk" or the "Company")

Appointment of Auditor and Update on the Publication of Interim Accounts

Petropavlovsk is pleased to announce the appointment of MHA MacIntyre Hudson ("MHA"), the UK member of Baker Tilly International, as its external auditor for the financial year ending 31 December 2020.

Petropavlovsk is also pleased to update shareholders on the timing of its interim accounts for the period ending 30 June 2020. The Company expects to publish the interim accounts in the second half of October 2020. Further details regarding the publication of interim accounts will be made available in due course.

[undervaluedassets] 20/10/2020 11:03

What kind of management puts out a dateless day for the publication of results.

"The second half of october" not good enough ..

This is a FTSE 250 stock FFS.

Bet they take it to the wire 30th of October anyone?

[grbaker] 19/10/2020 20:55

Yet more bond conversions today.

We're also waiting for the Interim Accounts:

"Further to the announcement on 21 September 2020 confirming the appointment of new auditors, Petropavlovsk confirms that it intends to publish its interim accounts for the period ending 30 June 2020 in the second half of October 2020."
Source:

GLA.

[undervaluedassets] 19/10/2020 12:35

I grant you the assumptions about the gold price are unknowable

[midasx] 19/10/2020 12:06

KEY ASSUMPTIONS

Fitch's key assumptions used in the agency's rating scenario for the issuer include the following:

- Gold price at $ 1,700 / oz. in 2020, $ 1,412 / oz. in 2021 and $ 1,200 / oz. in 2022-2023 based on Fitch's assumptions for gold prices and adjusted for existing hedges.

[undervaluedassets] 19/10/2020 09:50

incredibly interesting read the Fitch note. They are nothing if not thorough.

[undervaluedassets] 19/10/2020 08:39

last I saw was "second half of October" Well we are here.

[undervaluedassets] 19/10/2020 08:33

Anyone know when the results are due...

Do we have and Actual specified date?

[midasx] 19/10/2020 08:18

UVA if you follow your own link you will find that Fitch issued a "Rating Watch" on the 15th October.

I am not disputing this.

This is not a downgrade as your compatriot stated.

If you follow your link you will see that POG were downgraded on the 31st August 2018 to CCC.

Move to the back of the class with Troy!

[undervaluedassets] 19/10/2020 08:02

hxxps://www.fitchratings.com/entity/petropavlovsk-plc-96509475#ratings

hxxps://www.fitchratings.com/research/corporate-finance/fitch-places-petropavlovsk-on-rwn-15-10-2020

From the Fitch website For the benefit of MidasX .. (who clearly lives in a twilight world of alternative facts)

[midasx] 19/10/2020 07:52

So contrary to your statement POG were not downgraded, they were kept at B with a negative outlook.

A downgrade would involve decreasing their credit rating.

Please keep up Troy!

$85 Million in debt paid off saving over $7 Million in interest payments.

[troy] 16/10/2020 12:51

Oh dear. More assets seized from Konstantin Strukovs Yuzhurazoloto. "illegal trafficking in precious metals of over 340 million rubles". Sounds serious to me! Sorry about the rough translation.


Gold mine: director of a large company “soaped” on a criminal case?
The asset of the group "Yuzhuralzoloto" became a defendant in the criminal case.

Anastasia Stepanova
16 October 2020 10:24


A large gold mining company in Russia has become a defendant in a criminal case. She is charged with illegal turnover of precious metals in the amount of over 340 million rubles, as well as a number of "environmental clauses". IA REGNUM found out the details of the case on the Drazhny mine, which is part of the Yuzhuralzoloto group.

Gold Plaque Criminal Case

Investigators of the Investigative Committee of the Russian Federation in the Krasnoyarsk Territory announced the initiation of a criminal case under three articles - illegal trafficking in precious metals, violation of the rules of protection, use of subsoil and violation of environmental protection rules during work. The defendant was the managing director of LLC AS "Priisk Drazhny".

In the report of the investigators, the surname is not called, meanwhile, in the materials of one of the court cases in August 2019, Vladimir Kovalsky was named the managing director of the asset .

Investigators believe that for two years, in 2018-2019, the company has been working on gold mining in the Severo-Yenisei District of the Krasnoyarsk Territory, during which the "rules of environmental protection" were violated. And this, in turn, in the opinion of the investigation, led to significant damage to the fish food supply in the Koloma River and the loss of places suitable for spawning of dace, grayling, and char. In addition, according to the investigator, in 2019-2020 the work was carried out "without issuing all the necessary documentation in this case." The damage has already been estimated at 70 million rubles.

In the course of the case, involvement in illegal storage and sale of gold worth 340 million rubles was established.

To date, the company's management and employees have been interrogated, forensic examinations have been carried out, and the firm's property in the amount of 400 million rubles has been seized.

About the company and owners

The legal entity that appears in the report of the investigators - the Artel of Prospectors "Priisk Drazhny" LLC was established in August 1998. The company is "registered" in the village of Novaya Kalami in the North-Yenisei region of the Krasnoyarsk Territory. The authorized capital is 1.02 million rubles. The company is managed by OOO UGK Management Company, and since August 2014, the owner has been Yuzhuralzoloto Group of Companies JSC.

LLC "UGK Managing Company" was established in the Chelyabinsk region in December 2007. The society works in the field of law. Its authorized capital is 20 thousand rubles. President - Konstantin Strukov . The owners are Yuzhuralzoloto Group of Companies JSC with a 95% share and the Cypriot company Ugold Limited.

Apart from the Krasnoyarsk asset, the LLC also manages Kommunarovskiy Rudnik PJSC in Khakassia.

JSC Yuzhuralzoloto Group of Companies was established in 2007 in Chelyabinsk. The group's website states that it is "one of the largest Russian gold mining companies." In 2019, it produced 450 thousand ounces of gold, and revenues amounted to more than 600 million US dollars. The asset portfolio provides the group with the third place in the Russian Federation in terms of gold reserves. The portfolio of assets includes deposits and gold mining companies in the Chelyabinsk Region, Krasnoyarsk Territory, Khakassia, as well as the Shchelkovo Plant of Secondary Precious Metals in the Moscow Region. Also, the JSC owns the Chelyabinsk mining and processing plant "Svetlinsky". UGK is also the largest shareholder of Petropavlovsk plc, a large mining and gold mining holding registered in the UK. In September 2020, it became knownthat the group will also develop the Vysokoe deposit in the Krasnoyarsk Territory, where gold reserves are estimated at 50 tons.

As of September 30, 2018, 99.99% of the shares of Yuzhuralzoloto Group of Companies were owned by the Cypriot company UGOLD Limited.

Konstantin Strukov, President of the Yuzhuralzoloto Group of Companies Management Company, is ranked 50th in the Forbes' 200 Richest Businessmen of Russia 2020 rating with a fortune of $ 2,000 million.

Mine violations

Returning to the "Drazhny mine". Over the past four years, he was involved in 24 inspections by supervisory authorities. Violations were identified in different areas - from environmental to labor.

Thus, the Rosprirodnadzor Administration for the Krasnoyarsk Territory in September 2019, during an unscheduled inspection, found that the company had failed to comply with the order dated September 28, 2018 No. NVZAT-430, which instructs “to prevent unauthorized use of surface water bodies of the river. Enashimo, r. Eruda, r. Vangash for the intake of water resources and discharge of wastewater. " LLC was fined 10 thousand rubles.

In September 2017, the Yenisei Territorial Administration of the Federal Agency for Fisheries discovered “pollution of the river. Rubbish with untreated sewage from dredge landfill No. 251 as a result of the destruction of the dam body and dredge landfill lintels ”.

The State Labor Inspectorate in the Krasnoyarsk Territory, having carried out an inspection in March 2017, revealed that “in violation of Part 1 of Art. 100 of the Labor Code of the Russian Federation, art. 189 of the Labor Code of the Russian Federation in the rules of the internal labor schedule, the duration of daily work (shift), the start and end time of work, the time of breaks in work, the number of shifts per day, the alternation of working and non-working days for workers during the shift mode of work "and" in violation of h. 2 tbsp. 99 of the Labor Code of the Russian Federation, workers were involved in overtime work without their written consent. " The same inspection, but already in September 2018, recorded that the company did not conduct periodic medical examinations of 19 employees.

In March 2016, the department of the Rospotrebnazor of the Territory revealed a violation of sanitary legislation on the part of the mine in terms of laboratory studies of atmospheric air pollution in the area affected by emissions from the production site.

The investigation of the criminal case against LLC Artel of prospectors "Priisk Drazhny" continues. Meanwhile, representatives of the Yuzhuralzoloto group, in their comments to the media, say that the investigators consider the claims to be unfounded.

[j777j] 15/10/2020 15:44

Broken support back to 20p I guess.

[pogue] 15/10/2020 13:00

I did not know you were so proficient at English!

[midasx] 15/10/2020 12:40

Cheers pogue!

Try and end your sentences with a full stop.

[midasx] 15/10/2020 12:27

It is OK pogue, I am always willing to try and help explain these things, I know they are complicated and it is easy to get confused about the true facts.