Petropavlovsk Share Discussion Threads

[srpactive] 02/9/2021 09:36

Morning all, bought the dip just.

dyor

active

[montyhedge] 01/9/2021 16:23

Bears getting worried in Petro, bears targeting Polymetal it seems now, hopefully they are short and caught.

[robertstronghand] 01/9/2021 08:59

A profit, not bad. One area I would be happy to see headcount increase is geologists.

[midasx] 01/9/2021 08:24

How's the big punt on RR going UVA?

[robert handofstrukov] 01/9/2021 07:46

Appalling results. Look forward to reading how Strukov’s paid spinners, Midas & Stronghand, will tell us how marvellous these results really are. Still can’t work out why they are not occasionally critical, as that would be less obvious and would make them more credible. They prefer slave-like devotion to their masters, as POG hits the rocks. A human and corporate tragedy.

[midasx] 29/8/2021 12:56

interesting ;-

The new team reduced the headcount of the Moscow office from 170 to about 100 employees - mainly support services such as HR and IT. I also had to part with the head of one of the mines - Aleksandrov recalls that he came to the enterprise and was faced with a violation of safety regulations and "non-observance of the dry law."

Petropavlovsk started working on costs. “We stopped payments to contractors for a month, sorted out the contracts, were able to reduce their cost by 10-15%,” says Aleksandrov. “We analyzed all major counterparties - out of 100 companies that were included in the red list, about 30 were transferred to the black list and we stopped working with them.” A top manager of one of the Petropavlovska subsidiaries owned a supplier company. “For two years, she supplied us with products worth 400 million rubles and everyone knew about it,” Alexandrov wonders. "We parted with this employee." In just the first months, costs were reduced by $ 26 million.

[officehead] 29/8/2021 08:26

Bit of light reading about POG CEO.

[midasx] 28/8/2021 17:57

Excellent interim results from IRC with debt now down to $143.5 Million, our debt guarantee becomes much less of a concern!


Borrowings and Charges
As at 30 June 2021, the Group had gross borrowings of US$193.5 million (as at 31 December 2020: US$203.9
million), mainly represents the long-term borrowing drawn from the Gazprombank loan facility which is guaranteed by
Petropavlovsk PLC. The interest of the Gazprombank facility is determined with reference to LIBOR. The three-month
LIBOR fell from an average of 1.07% in H1 2020 to 0.18% in H1 2021. Lower LIBOR allowed the Group to reduce its
financing costs. In July and August 2021, K&S made early loan repayments of a total US$50 million to Gazprombank,
reducing the gearing and financing costs of the Group. As of the date of this announcement, the total debt outstanding
amounted to c.US$143.5 million.

[robertstronghand] 27/8/2021 17:11

Interesting IRC is looking at paying a dividend, wonder who will get there first? Cash increased $46m despite financing costs of $32m, also important to note trade receivables were up to $41.5m from $6m, presumably payments due for shipments already delivered, would explain why they paid back $50m in the last two months if that money arrived then (also why cash balance is still elevated at $45m). Not sure how good POG's H1 results will be, low level of production and Polymetal reported an increase in costs, seems priced in, a blockbuster H2 will itself hopefully be priced in in due course, be even better if gold continues to rally from here.

[robertstronghand] 25/8/2021 19:11

Good to see UGC and Strukov continue to be muscular in defence of shareholders' interests, holding both new and old boards to account, looks like a concept new to some on here, but explains the rise yesterday and the appointment announced today.

[stevea171] 25/8/2021 18:15

24.08.2021 Yet more POG Board Room conflict.
UGC Press Release. For once it seems they have the best interest of shareholders uppermost, not just themselves exclusively ...

The sale by Petropavlovsk PLC of its 29.9% shareholding in IRC Limited

In March 2020, Petropavlovsk PLC (“Petropavlovsk”), in which JSC Uzhuralzoloto Group of Companies (“UGC”) holds a 29.19% voting interest, entered into an agreement (the “Agreement”) with Stocken Board AG (“Stocken”), a Liechtenstein-incorporated investment company, which set out the terms on which Petropavlovsk would sell to Stocken a c.29.9% shareholding in IRC Limited (“IRC”) for U.S.$ 10 million, subject to certain conditions precedent being met (the “Proposed Transaction”).

According to one of the conditions precedent, following the consent of Gazprombank ("GPB") to the Proposed Transaction and the Agreement becoming binding, Petropavlovsk’s Board has to determine whether the Proposed Transaction should be approved by the holders of the Company's U.S.$500,000,000 8.125% Guaranteed Notes due 2022 (the “Bonds” and “Bond Holders”) or whether such approval is not required based on an independent expert opinion that the terms of the Proposed Transaction are fair from the financial standpoint (the “Opinion”). In May 2021, Petropavlovsk announced that GPB had consented to the Proposed Transaction and the Agreement had become binding. At the time the Agreement became binding the market value of the Company’s stake in IRC was worth significantly more than U.S.$10 million (and closer to U.S.$100 million).

UGC announces that it ............

[robertstronghand] 25/8/2021 09:11

Denis has been appointed to the Healthy, Safety and Environment Committee of IRC today.

[montyhedge] 24/8/2021 15:17

Gold on its way back to $2000, these bears in gold miners, must be worried.

[kendonagasaki] 14/8/2021 22:55

Dodgy Russians?Risky share!Lose all your money here?

[lawrence thirteen] 14/8/2021 16:15

I believe he has to offer the highest price as the buyer that he has paid in the prior twelve months to the bid being made. As far as I've gleaned that was in June Jule where I think UGS paid 25p. However there is still the matter of the Bonum shares USG bought several months back and we don't know what he paid for them/


Finally: What happens if gold soars the coming weeks dragging the share price up to 30p, what price does he pay then.

[stevea171] 13/8/2021 17:22

Remember this?

UGC owner Konstantin Strukov denies seeking to acquire ...


Petropavlovsk's billionaire shareholder Konstantin Strukov said he has no interest in acquiring the London-listed gold miner, Petropavlovsk that has been mired in turmoil since his own company took a stake in it.

Strukov has now increased his stake to just short of the 30% threshold when a bid for the rest of the company becomes mandatory. But he has no interest in taking over the company said he. He forgot to mention .... I can't afford the 40-50p per share that would have been needed at the time. But if I can gat it for peanuts ... why not?

[undervaluedassets] 13/8/2021 16:34

Alya Samokhvalova warned everyone at the time...

As if a warning was needed. ..so obvious

[stevea171] 13/8/2021 15:08

Strukov now just 0.8% short of a 30% holding when a bid for the rest of the company would likely be mandated by the LSE takeover rules.

Drip feed further bad news here and Strukov will be able to complete the take over of the company for 50% less than it was last year. Take out price probably less than he paid for his original approx 23% stake.

Genius play many here saw coming last year when the Board Room coup was sprung.
Good business if you can get it but screwing institutions and PI's who like turkeys voted for Xmas ......

[robertstronghand] 04/8/2021 09:36

Andreevskaya is a new high grade underground deposit and we really haven't got start on the refractory reserves. I don't disagree previous management neglected exploration and acquisition, too busy doing other things, so I would like to see more aggressive reserve growth be at the heart of the new business strategy. The beauty of Russia is there is a lot of land unexplored, I own two miners that have had a lot of success in Quebec, and that is a very mature mining district.

[weemonkey] 03/8/2021 15:20

Yeah but Robert, none of that negates the fact that POG's conventional mines are not producing as they once were.

The POX hub has got to shine now. Else the cupboard is bare.

[robertstronghand] 03/8/2021 11:51

Third party concentrate was 36.7k in H1, H2 will be higher, so should be more than the projected 60-80k for FY2021, perhaps substantially more. Own production H2 projected at 210-230k as refractory ore and Andreevskaya start up at Pioneer and Elginskoye at Albyn. Noteworthy that Poly puts the Capex cost for Amursk POX-2 at $431m, and that will add only 250-300 Ktpa.

[undervaluedassets] 03/8/2021 08:36

The thing that no one mentions is that the mines POG owns are emptying. Less and less ounces coming out of the ground

[kendonagasaki] 01/8/2021 20:16

This is going no where.Dodgy Russian enterprise imo.Better off to buy a lottery ticket...more chance of winning!