Petropavlovsk Share Discussion Threads

[robertstronghand] 11/2/2022 21:21

The market has finally woken up to the fact the Fed has lost control and Biden isn't all there. Gold firmly through that 18 month resistance and the miners are moving. Higher gold prices especially benefit higher cost miners, and help those heavily indebted to clear it all the more quicker, great timing for that bond this November.

[j777j] 11/2/2022 14:21

Evgeny Potapov, Non-Executive Director

Mr Evgeny Potapov was appointed as a Non-Executive Director of Petropavlovsk PLC on 12 July 2021.

Mr Potapov currently serves as vice president for development and strategy at Uzhuralzoloto Group of Companies (‘UGC’), a role he has held since July 2020.

A graduate of the Irkutsk State University Law School with a degree in civil law, Mr Potapov began his career in entrepreneurship and, since 2001, has held a series of senior executive positions in major natural resources companies, including coal producer Vostsibugol, steelmakers Evraz Group and Industrial Union of Donbass, Norilsk Nickel, fertilizer giant Uralkali and iron ore producer Metalloinvest.

Mr Potapov was nominated as a Director of Petropavlovsk by UGC, the Company’s largest shareholder.

Mr Potapov is a member of the Nominations and Safety, Sustainability & Workforce Committees.



Mikhail Irzhevsky, Independent Non-Executive Director

Mr Mikhail Irzhevsky was appointed as a Independent Non-Executive Director of Petropavlovsk PLC on 16 April 2021.

Mr Irzhevsky has over 25 years of commercial experience with significant expertise in internal controls, governance, corporate law and M&A transactions, including in the resources sector and in Russia. Since 2018 Mr Irzhevsky has been the Deputy CEO for Legal Affairs of the Russian Direct Investment Fund. Mr Irzhevsky joined the Board of Bank Trust in 2018 and has served as Chairman of the Audit Committee since 2019. From 2013 to 2018 Mr Irzhevsky was the Vice-President for Legal Affairs at PJSC Rostelecom and in 2016 – 2017 served on its Board of Directors. From 1999 to 2013 Mr Irzhevsky was practising law at the international law firm of Freshfields Bruckhaus Deringer, including as a partner from 2007.

Mr Irzhevsky is a qualified lawyer, having studied at the Lomonosov Moscow State University, and is a former member of the Moscow Regional Bar Association.

Mr Irzhevsky is a Russian national and a fluent English speaker.

Mr Irzhevsky is a member of the Audit, Nominations, and Remuneration Committees.


Natalia Yakovleva, Independent Non-Executive Director

Ms Natalia Yakovleva was appointed as an independent Non-Executive Director of Petropavlovsk PLC on 13 December 2021.

Natalia Yakovleva has over two decades of finance, audit and accounting experience, including in Russia. She joined PWC in Moscow in 1993 and during her 23 years with the organisation became an audit partner and served variously as PWC Russia’s leader for corporate responsibility (ESG), regulatory contacts, and quality review.

She currently serves as independent non-executive director and chair of the audit and ESG committees at Globaltruck Management JSC, the leading, publicly-listed Russian logistics company; as independent director of Mediascope (formerly TNS Gallup), the Russian media metrics specialists; and as general director of City Portals Network JSC, a holding company with a portfolio of Russian regional online media, where she also serves on the boards of several of its subsidiaries.

Ms Yakovleva graduated with honors from the Moscow Institute of International Relations with a specialist degree in international economics, auditing and accounting. She is an ACCA certified accountant and Institute of Directors certified independent director.

Ms Yalovleva is a Russian national and a fluent English speaker.

Ms Yakovleva is a member of the Audit Committee.

[j777j] 11/2/2022 13:19

Russians will be disabled from accessing any assets abroad.

[j777j] 11/2/2022 13:05

If Russia invades shares like this could fall under new sanctions

[j777j] 11/2/2022 12:59

Get out whilst you still can

[stevea171] 11/2/2022 12:04

Diplomacy on Russia's main demands incl security guarantees, Ukraine never becoming a NATO member and rolling back NATO from eastern Europe have been ignored or rejected.

8/2/2022. Russia sends 6 landing ships, sub to Black Sea.
On Tuesday, Russia sent six amphibious landing ships and a submarine to the Dardanelles Straits, which connect the Mediterranean to the Black Sea.

These ships have very recently transited from the Baltic, through the English Channel to the Mediteranean. With resupply in the Syrian port of Tartus. Mission is said to be to take part in exercises. These ships have now transited into the Black Sea. 5 of the 6 large landing ships can each carry 10 main battle tanks and 350 troops, or other mix of armour and attack helicopters. The other landing ship can carry 40 APC's and 300 troops.
The RF has all 140 ships of its Navy at sea currently to take part in exercises.

All of this is unprecedented.

Today these 6 ships are reported to be docking at Sevastopol, the Russian Naval Base in Crimea. What are these landing ships carrying and what is their real purpose and final destination?

Today also it was announced most of Ukraine's coastline will effectively be closed off for a week starting on Sunday for Russian naval war exercises in the Black Sea and Azov Sea. It looks like this is a prelude to a full naval blockade of Ukraine, possibly starting at the end of the Winter Olympics on the 20th. These 6 large landing ships will likely be practicing landings on Crimea's low eastern beaches in preparation if needed for live operations.

[sweetjoe] 11/2/2022 10:09

cat and mouse play
Good job!

[montyhedge] 10/2/2022 08:15

I see short hedge funds bought back, now short position 5.47%.

[robertstronghand] 04/2/2022 10:14

Encouraging inflows in to GLD so far this year, I think there is a near perfect correlation between GLD flows and gold's performance that year. Remember this week is Chinese New Year, normally gold drops.

[apple53] 04/2/2022 08:57

Thanks Midas

[midasx] 04/2/2022 07:55

Demand for real Gold is high, only the Crimex failing to represent true supply and demand!

Strong Q4 lifts full year demand 10%Annual demand recovered across virtually all sectors – the notable exception being ETFs, which saw net annual outflows

Full year 2021 gold demand (excluding OTC) increased to 4,021t, propelled by Q4 demand which jumped almost 50% to a 10-quarter high.1 Demand recouped much of the COVID-related losses sustained during 2020. Demand for gold in the consumer-driven jewellery and technology sectors recovered throughout the year in line with economic growth and sentiment, while central bank buying also far outpaced that of 2020. Investment demand was mixed in an environment of opposing forces: high inflation competed with rising yields for investors’ attention.

Jewellery fabrication staged a strong recovery in 2021. It grew 67% to 2,221t to meet the strong rebound in jewellery consumer demand, which increased 52% in 2021 to 2,124t, matching the 2019 total. This was in good part linked to Q4 demand, which – at 713t – saw the strongest quarterly jewellery consumption since Q2 2013.

Global holdings of gold ETFs fell by 173t in 2021 in sharp contrast to 2020’s record 874t increase. Q4 outflows of just 18t were a fraction of the much larger outflows seen in Q4 2020.

Bar and coin investment maintained its momentum, jumping 31% to an eight-year high of 1,180t. Q4 2021 demand of 318t, meanwhile, was the highest for a fourth quarter since 2016.

Central banks accumulated 463t of gold in 2021, 82% higher than the 2020 total and lifting global reserves to a near 30-year high. The pace of buying slowed in the second half, with a 22% y-o-y decline in Q4.

Gold used in technology grew 9% in 2021, to reach a three-year high of 330t. Y-o-y growth slowed in the most recent quarter (to 2%), highlighting the rapid recovery seen in the sector in Q4 2020.

[robertstronghand] 03/2/2022 08:50

2020 interest expense was 60m, 10m of which was on the gold prepays, the question is what will be the coupon on the 300m bond, Gazprombank has been very generous on their terms with the RCF, and seemingly the terms on the 2023 term loan.

[sweetjoe] 02/2/2022 08:11

New episode of Game of POGs. The Ironborn of Iron Islands IRC LTD reduce their debt by 91K$, reducing outstanding loan to 113K$. A maiden is promised for 2022.
A maiden dividend of cause.
The knights of the Strucov stand outside the islands now. They promise to continue as usual...

[midasx] 30/1/2022 18:20

We have paid off $64 Million of high interest gold prepays and repurchased $196 million of the 8.125% Notes, so very significant interest savings already being made.

Bring on the review, new strategy plan and capital markets day!

[robertstronghand] 28/1/2022 16:44

The issue really is that the net debt has increased this year by as much as the prepays were reduced, so it has been a flat year for the balance sheet. One off restructuring costs probably cancels out a fair chunk of the IRC fee and sale income. Only way to lower that debt burden then is lower interest costs, which might be about $20m given how high they are, lower capex spending, which can only be a short term measure, and then hoping gold will finally rise. I assume any streamlining and ending of bad practices might have more an impact this year, the company did tout savings of $26m but that doesn't seem to have had an impact yet.

We will see what the review brings but we are still a turnaround story, weighed down by large, high interest debt, we could do with gold moving up and speeding it all up.

[midasx] 28/1/2022 08:31

We await the company review and revised strategy due in the first quarter.

The board are very much controlled by the major shareholders with any future agreed director remuneration package being required to be linked to company performance and shareholder returns. Nothing wrong with that, but hopefully the board are not being constrained to allow Strukov to push through a low ball offer!

Of course he has previously denied any such plan. It would be good news if the revised strategy meets with shareholder approval allowing the coming AGM and resolutions to be mutually agreeable. A happy camp and positive revised strategy may allow the share price to move forward.

[robertstronghand] 27/1/2022 16:11

Of course capex was very high in 2021 at $69m, just $11m this year, and own gold has higher margins, but I suspect we will be treading water and mending the balance sheet a few more months yet until we get to the excitement of dividends and further expansion. I don't actually know how they account for the gold prepays, they were off balance sheet(?), which might explain why paying them off has masked a better performance this year than appears looking at just net debt.

[midasx] 27/1/2022 15:51

Seems like these lent out shares are being put to good use preventing the POG share price moving higher!


An event changing the breakdown of voting rights
------------------
Other (please specify)(iii) : X
Entering into a repo (repurchase) transaction with a non-affiliate
third party, pursuant to which VTB Bank (PJSC) transfers 162,962,900
ordinary shares (4.12%) to such third party and undertakes to repurchase
the same amount of shares from such third party within a specified
period of time
------------------
3. Details of person subject to the notification obligation (iv)
Name VTB Bank (PJSC)
City and country of registered office St. Petersburg, Russia
(if applicable)
4. Full name of shareholder(s) (if different from 3.) (v)
Name VTB Bank (PJSC)
VTB Capital PLC
---------------------------------------------------------
City and country of registered office St. Petersburg, Russia
(if applicable)
---------------------------------------------------------
5. Date on which the threshold was 17 January 2022
crossed or reached (vi) :

[midasx] 27/1/2022 10:20

Forward projection do look very conservative, especially considering the excellent 4th quarter.

Under promise and over deliver? especially considering the additional flotation facilities available later this year.

[robertstronghand] 27/1/2022 09:07

Gold hit 1850-55 and unsurprisingly rejected, hopefully won't drop back much more before we have another go at it. Excellent Q4, but outlook for 2022 and 2023 sees total production down a little. Taking longer to clear up the balance sheet too, hence no dividend yet, higher gold price and lower interest will help. POX plant working great and needs expansion, need new higher grade mines to improve margins and grow production, I think a corporate action will help, the POX plant needs to be married with higher grade mines and/or a strong balance sheet, either we merge or purchase or a bigger fish will swallow.

[midasx] 27/1/2022 07:21

Excellent 4th quarter results.
POX plant operating at full capacity processing a far higher percentage of our own more profitable ore.

All gold prepays paid off as targeted.

[robertstronghand] 26/1/2022 09:25

Yes his English wasn't as good as Denis's. Gold at the key 1850-55 resistance now, very strong start to a bumper year, see a short term bounce in the equity indices, most important we need reminding of the solid business this is now, so production update and cash levels would be welcome.