DOCSLIB.ORG

PETROPAVLOVSK PLC H1 2018 Trading Update (30Th July 2018)

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
PETROPAVLOVSK PLC H1 2018 Trading Update (30Th July 2018) PETROPAVLOVSK PLC H1 2018 Trading Update (30th July 2018) 1 A Leading Russian Gold Miner, Operating In The Amur Region Since 1994 Established operational foothold in the Far East of Russia Russia Assets have produced c.6.8Moz Au to date Operating mines Underground mine — 3 x gold mines, mix of open pit + underground — c.16Mtpa of processing capacity POX — Each mine has direct access to road, rail + Analytical labs national grid Amur region Long life mineral resource base — 20.86Moz of JORC Resources Malomir — High untapped exploration potential Khab Hydro power arovs Experienced management team + workforce plant k — Strong track record of mine development, Pokrovskiy POX Hub expansion + asset optimisation Albyn New growth opportunities Pioneer — POX Hub at Pokrovskiy due to launch Q4 2018 — High grade from underground assets already Pilot POX Plant making a contribution Hydro power CHI plant IRC: a low cost iron ore producer NA — 31% equity interest, Hong Kong listed(1) Blagoveshcensk city EA O (1) IRC market capitalisation as at close 25 July 2018 (US$134m, source: Bloomberg) x Petropavlovsk’s equity interest (31.1%) = US$42m 2 Trading Data + Shareholder Structure Since 2009, Petropavlovsk PLC is listed on the Main Market of the London Stock Exchange Share Price + Gold Price(1) Share Price + Trading Volumes(1) 9.0p 100m Price 7.11p Price Vols 52 Week Range 6.29p – 8.59p 8.5p 90m Market Cap. £235m ($310m) EV £674m ($903m) 8.0p 80m Gold PM Fix $1,232/oz 52 Week Range $1,217/oz - $1,355/oz 7.5p 70m Top 10 Shareholders 1 Fincraft Holdings Ltd(2) 22.4% 7.0p 60m 2 Sothic Capital Mgt 10.9% 6.5p 50m 3 DE Shaw & Co 7.8% 4 Prosperity Capital Mgt 5.7% 6.0p 40m 5 RCB Bank 4.7% 5.5p 30m 6 Slevin Ltd 4.6% 7 CABS Platform Ltd 4.6% 5.0p 20m 8 Hargreaves Lansdown 2.3% 9 Dimensional Fund Advisors 2.1% 4.5p 10m 10 Legal & General InvMgt 1.9% 4.0p 0m Top 10 Total 67% Jan 2015 Jul 2015 Jan 2016 Jul 2016 Jan 2017 Jul 2017 Jan 2018 Jul 2018 (1) Data as at market close 25 July 2018 (2) The largest shareholder is Kazakh businessman Kenges Rakishev with a total combined holding of 22.4% (via Fincraft Holdings and VTB Bank) 3 Leadership Has Been Restored Following the 2018 AGM CEO Dr Maslovskiy is supported by Chairman Sir Roderick Lyne and Senior Non-Executive Director Robert Jenkins “The Board has invested significant time into a formal recruitment process to secure a diversified, fully compliant and exemplary composition of directors at Board level. We are working closely with a top recruitment agency in order to ensure that we attract and invest not only in the best talent, but in the most appropriate candidates in order to maximise our combined capabilities…” Sir Roderick Lyne, Non-Executive Chairman Sir Roderick Lyne, Non-Executive Chairman — Sir Roderic was previously the Senior Independent Director between November 2015 and June 2016 — He was originally appointed to the Board in 2009 during the Company’s merger with Aricom PLC. Sir Roderic was Chairman of the Company’s Remuneration and HSE Committees — Sir Roderic was previously a Non-Executive Director of Aricom PLC, between 2006 and 2009 — A fluent Russian speaker, Sir Roderick served as British Ambassador to Russia from January 2000 until August 2004 Dr Pavel Maslovskiy, Chief Executive Officer — One of the co-founders, Dr Maslovskiy was CEO from the Group’s inception in 1994 to Dec 2011, following his appointment as a Senator-Member of the Federation Council(1) — Dr Maslovskiy retired as a Senator-Member in Oct 2014 and was re-appointed as CEO in Nov 2014(2) — Prior to embarking on his business career, Dr Maslovskiy was a Professor of Metallurgy at the Moscow Aircraft Technology Institute — 25 yrs of experience Mr Robert Jenkins, Non-Executive Director — A fluent Russian speaker with almost 25 years of Russian industry related expertise, Mr Jenkins served as a director from April 2015 to June 2017 — He has been CFO of two Russia focused natural resource companies, including Eurasia Mining PLC, and also a Director and Audit Committee Chairman of Ruspetro plc and of Toledo Mining Corporation PLC. He was also the Senior Independent Director of the former — During his previous tenure as a director of the Company, Mr Jenkins chaired the Audit Committee and was a Senior Independent Director as well as a member of the Nomination Committee 4 (1) Upper House of the Russian Parliament (2) Acted as Honorary President between 2012 and Nov 2014 H1 2018 Trading Update + Future Strategy 5 H1 2018 Production Update Key Points Full operational review undertaken by CEO following his June appointment, with a plan introduced to get the business back on track, optimise performance + maximise margins — 232Koz vs. 201Koz in H1 2017, decrease due to lower processed grades + decrease in contribution of gold in circuit release — Mixed underground performance: significant contribution by Quartzitovoye to overall Malomir production H1 Production whilst development of NE Bakhmut (Pioneer) behind schedule — Measures introduced to increase contribution of underground operations to overall production by end of H2 2018 — Malomir flotation plant commenced operations following delay due to absence of leadership — Accelerated ramp up to design capacity + technological improvements being introduced Development Update (POX + Underground) — POX commissioning anticipated in Dec, any POX output excluded from FY production estimates dry commissioning scheduled for Aug 2018 — We expect to produce 20-30kt of high grade flotation concentrate by YE Ongoing operational — As a result of a full + ongoing operating review, more conservative FY 2018 has been issued review focus on — Review highlighted lack of leadership in H1, with some disruption to operational + development plans, optimisation + margins however, a programme of measures to rectify delays + improve current schedule is under way — Previous Board arranged a US$30m bridge loan for IRC during recent period of financial difficulty IRC Ltd. — Current Board is determined to improve guarantee situation, will update shareholders in due course 6 Conservative Strategy Focused On Shareholder Value Stable bulk tonnage operation boosted by addition of high grade underground operations + refractory ore treatment Implement best corporate — Business stabilised + momentum restored after a difficult year 1 governance practices — Formal process under way to strengthen Board composition by the appointment of additional following 2018 AGM Independent Non-Executive Directors Strengthen the — Loan facilities refinanced via successful US$500m Eurobond issue in Q4 2017 2 balance sheet — Assessing ways to realise the value of Group’s current interest in IRC Growth: focus on completion — Completion of POX project unlocks value within 9.6Moz of our refractory Resources 3 of POX + contribution from — Ongoing development of high grade underground operations at Pioneer + Malomir to high grade u/ground complement + support non-refractory production — Ongoing optimisation of R&R + expansion of non-refractory material to maximise profitability — Further exploration to expand underground reserves 4 Maintain and expand R&R base — Further exploration of identified refractory targets — Potential licence acquisitions adjacent to existing infrastructure — Focus on operational efficiencies and cost optimisation on existing operations and new Continue optimising costs, 5 projects strengthening profitability — Gold price hedging / forward sales agreements are complementary measures — Commitment to providing occupational / environmental safety Adhere to and maintain best 6 — Regular reviews by HSE committee of the Board practice safety standards — Management KPIs include LTIFR + CO2 emissions 7 R&R 8 JORC Resources (Incl. Reserves) Impressive record of organic resource growth = sustaining long term production — More than 23Moz of JORC Resources discovered since 2007 by our in-house experts — Based on exploration capex spend between 2007 and 2017, the implied discovery cost per oz is just c.US$22 — Mine life of 15+ years 10.1 12.3 11.7 13.8 11.2 14.0 14.4 10.4 2.1 3.3 6.0 13.0 12.8 12.1 12.0 9.3 9.3 9.3 9.6 6.8 4.9 5.2 -1.0 -1.4 -1.9 -2.4 -3.8 -5.1 -5.9 -6.6 -7.2 -11.2 -11.7 2007a 2008a 2009a 2010a 2011a 2012a 2013a 2014a 2015a 2016a 2017a Refractory Resources Non-Refractory Resources Depletion + Disposals 9 9 Track Record: Processing Growth Strong track record of mine development, expansion + asset optimisation MAL RIP + HL PIO RIP RIP expanded Plant Processing expanded expansions Underground ALB commissioned delivered: PIO, MAL RIP mining begins MAL, ALB plant PIO + MAL POX construction 20Mtpa commissioned begins(2) 18Mtpa 16Mtpa Moved to LSE 14Mtpa Listed on AIM Acquired Main Board MAL(1) + ALB 12Mtpa POK RIP plant licences PIO RIP plant commissioned 10Mtpa expanded 17.3 17.3 17.9 8Mtpa 16.9 17.0 13.3 6Mtpa 4Mtpa 8.7 6.7 2Mtpa 3.0 3.6 0.1 0.2 1.4 2.5 2.5 0Mtpa 0.9 1.2 1999a 2002a 2003a 2004a 2005a 2006a 2007a 2008a 2009a 2010a 2011a 2012a 2013a 2014a 2015a 2016a 2017a POK RIP Record First gold PIO RIP First gold First gold from First gold expanded to production from POK commissioned from PIO MAL from ALB 1.7Mtpa 741Koz (1) Petropavlovsk acquired its first exploration licence for Malomir in 2003. The licence for the main Malomir site was acquired in 2005 (2) Full scale POX plant development resumed in 2017 following a period of care / maintenance from 2013 onwards 10 Pressure Oxidation (POX) 11 POX: New Growth Opportunities Launch of the POX Hub at Pokrovskiy will unlock value embedded in our refractory ore
Load more

Recommended publications
  • Annual Results for the Year Ended 31 December 2019 and Q1 2020 Production Update
    27 May 2020 Petropavlovsk PLC Annual Results for the Year Ended 31 December 2019 and Q1 2020 Production Update Petropavlovsk PLC ("Petropavlovsk" or the "Company" or, together with its subsidiaries, the "Group"), today issues its audited annual results for the year ended 31 December 2019, as well as its Q1 2020 production / sales update and guidance for 2020. The financial and operational highlights of both trading periods are as follows: 2019 Financial Highlights 31-Dec-19 31-Dec-18 % Change Total gold produced koz 517.3 422.3 +22% Total gold sold koz 514.0 369.6 +39% Total Cash Costs $/oz 749 678 +10% All-in Sustaining Costs $/oz 1,020 1,079 (5%) Avg. realised gold price $/oz 1,346 1,263 +7% Group revenue (including non- $m 741.6 499.8 +48% precious operations) Underlying EBITDA $m 264.8 182.7 +45% Operating profit $m 115.4 126.6 (9%) Profit for the year $m 25.7 25.9 ( 0.8 %) Capital expenditure $m 103.8 134.4 (23%) Cash generated from operations $m 250.5 162.3 +54% before working capital changes Cash generated from operations $m 189.3 329.8 (43%) (Net debt) / cash $m (561.3) (568.0) (1%) ▪ Total gold production increased 22%: full year guidance met, with 517.3koz of gold produced (2018: 422.3koz), including 45.7koz produced from third-party concentrates (2018: none) ▪ Total gold sales increased 39%: 514.0koz (2018: 369.6koz) ▪ Average realised gold price increased 7%: $1,346/oz (2018: $1,263/oz) for the year, including a $61/oz loss from hedging (2018: $9/oz hedging loss) ▪ Cash generated from operations before changes in working capital
    [Show full text]
  • 2017 Annual Report and Accounts
    Annual Report 2017 Our Values Responsibility We place people first. Responsible practices are our highest priority and we aim to operate safely, efficiently and transparently, continually seeking new ways to ensure an injury-free workplace. We are committed to preventing pollution, minimising waste, increasing carbon efficiency and optimising natural resource usage. We develop innovative solutions to mitigate environmental risks and welcome an active dialogue with local communities. Innovation We challenge ourselves and others to constantly improve in line with the most recent scientific and engineering developments worldwide. Our aim is to be an industry leader in safety and environmental practices, whilst realising the full potential of our assets through ingenuity, drive, and innovation. Integrity We believe that honest communication, sound business ethics and respect for people are the foundation of our business and deal with all our stakeholders in a respectful, responsible way. We are guided by our Code of Ethics in every situation, at all levels of the Company, to preserve dignity and self-worth in all our interactions. Excellence We are focused on delivering results and on doing what we say we will do. We accept responsibility and hold ourselves accountable for our work, behaviour, ethics and actions. We aim to deliver high performance outcomes and undertake to deliver on our commitments to our colleagues, business and social partners, and our investors. Sustainability Sustainable development has been a key focus for the Group since its foundation. At Petropavlovsk, our objective is to act in the interests of our stakeholders, including shareholders, employees and the communities in which we operate, by ensuring all our activities are efficient, responsible, transparent and sustainable.
    [Show full text]
  • SECOND QUARTER TRADING UPDATE for the THREE MONTHS ENDED 30 JUNE 2021 K&S PRODUCTION INCREASED by 3% Qoq MARKET IRON ORE
    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. The information set out below in this announcement is provided for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for shares in the Company. (Incorporated in Hong Kong with limited liability) (Stock code: 1029) SECOND QUARTER TRADING UPDATE FOR THE THREE MONTHS ENDED 30 JUNE 2021 K&S PRODUCTION INCREASED BY 3% QoQ MARKET IRON ORE PRICE DOUBLED YoY CONFERENCE CALL A conference call will be held today at 14h00 Hong Kong time to discuss the second quarter trading update. The number is +852 2112 1888 and the passcode is 7110529#. Presentation slides to accompany the call are available at www.ircgroup.com.hk. A replay call will be available from 30 July 2021 at http://www.ircgroup.com.hk/en/ir_presentations.php Thursday, 29 July 2021: The Board of Directors of IRC Limited (“IRC” or the “Company”, together with its subsidiaries, the “Group”) is pleased to provide the Second Quarter Trading Update for the three months ended 30 June 2021. HIGHLIGHTS – Q2 2021 K&S • 3.3% increase in production over Q1; average production rate at 85% capacity; • 4.7% reduction in sales volume over Q1, mainly due to railway congestion affecting shipments; • Development of Sutara deposit on track, expected to be operational end of 2022 or early 2023; • K&S current production rate at c.80%.
    [Show full text]
  • 160509 Project Hed Circular Intro 160509
    THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. LR 13.3.1(4) If you are in any doubt as to the action you should take, you are recommended to seek your own financial advice immediately from your stockbroker, bank manager, fund manager, solicitor, accountant or other appropriate independent financial adviser, who is authorised under the Financial Services and Markets Act 2000, if you are resident in the United Kingdom, or, if not, from another appropriately authorised independent financial adviser. If you sell or transfer or have sold or transferred all of your Ordinary Shares, please forward this document, but LR 13.3.1(6) not the personalised Form of Proxy enclosed with it, as soon as possible to the purchaser or transferee or to the bank, stockbroker or other agent through or to whom the sale or transfer was effected for onward transmission to the purchaser or transferee. If you sell or have sold or otherwise transferred only part of your holding of Ordinary Shares, you should retain this document. If you receive this document from another Shareholder, as transferee, please contact the Company’s Registrar for a Form of Proxy. Any person (including, without limitation, custodians, nominees and trustees) who may have a contractual or legal obligation or may otherwise intend to forward this document to any jurisdiction outside the United Kingdom should seek appropriate advice before taking any action. The distribution of this document and any accompanying documents into jurisdictions other than the United Kingdom may be restricted by law. Any person not in the United Kingdom into whose possession this document and any accompanying documents come should inform themselves about and observe any such restrictions.
    [Show full text]
  • – 1 – Hong Kong Exchanges and Clearing Limited and the Stock Exchange of Hong Kong Limited Take No Responsibility for the Co
    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. The information set out below in this announcement is provided for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for shares in the Company. (Incorporated in Hong Kong with limited liability) (Stock code: 1029) FOURTH QUARTER TRADING UPDATE FOR THE THREE MONTHS ENDED 31 DECEMBER 2020 6.7% INCREASE IN FY 2020 PRODUCTION CONFERENCE CALL A conference call will be held today at 14h00 Hong Kong time to discuss the fourth quarter trading update. The number is +852 3018 3000 and the participant pin is 325479#. Presentation slides to accompany the call are available at www.ircgroup.com.hk. A replay call will be available from 1 February 2021 at http://www.ircgroup.com.hk/en/ir_presentations.php Friday, 29 January 2021: The Board of Directors (“the Board”) of IRC Limited (“IRC” or the “Company”, together with its subsidiaries, the “Group”) is pleased to provide the Fourth Quarter Trading Update for the three months ended 31 December 2020. HIGHLIGHTS – Q4 2020 K&S • 6.7% increase in FY 2020 production and 4.6% increase in sales; • Production rate improved 3% to 87% capacity in Q4 2020 (Q3 2020: 84%), after third-party mining contractors partly alleviated previous mining issues; • Current production rate at c.85% capacity; • Successful diversion of sales to new Chinese customers via new seaborne routes and to Russian customers eased temporary logistic issues at the Sino-Russian border.
    [Show full text]
  • Subscription of New Shares by General Nice
    THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION If you are in any doubt as to any aspect of this circular, the Whitewash Waiver or as to the action to be taken, you should consult a licensed securities dealer or registered institution in securities, a bank manager, solicitor, professional accountant or other professional adviser. If you have sold or transferred all your shares in IRC Limited, you should at once hand this circular and the accompanying form of proxy to the purchaser or to the licensed securities dealer or registered institution in securities or other agent through whom the sale or transfer was effected for transmission to the purchaser or transferee. Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this circular, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this circular. This circular is for information purposes only and does not constitute an invitation or offer to acquire, purchaser or subscribe for any securities of the Company. (a company incorporated in Hong Kong with limited liability) (Stock code: 1029) (1) SUBSCRIPTION OF NEW SHARES BY GENERAL NICE AND MINMETALS CHEERGLORY (2) APPLICATION FOR WHITEWASH WAIVER (3) CONTINUING CONNECTED TRANSACTION (4) SPECIAL DEALS AND (5) NOTICE OF EGM Financial adviser to IRC Limited Independent Financial Adviser to the Independent Board Committee A letter from the Board is set out on pages 12 to 49 of this circular.
    [Show full text]
  • (Stock Code: 1029) FOURTH QUARTER TRADING UPDATE FOR
    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. The information set out below in this announcement is provided for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for shares in the Company. (Incorporated in Hong Kong with limited liability) (Stock code: 1029) FOURTH QUARTER TRADING UPDATE FOR THE THREE MONTHS ENDED 31 DECEMBER 2019 24.7% INCREASE IN PRODUCTION OVER THE SAME PERIOD LAST YEAR CONFERENCE CALL A conference call will be held tomorrow (24 January 2020) at 09h00 Hong Kong time to discuss the fourth quarter trading update. The number is +852 2112 1888 and the passcode is 6103524#. Presentation slides to accompany the call are available at www.ircgroup.com.hk. A replay call will be available from 29 January 2020 at www.ircgroup.com.hk/html/ir_call.php. Thursday, 23 January 2020: The Board of Directors of IRC Limited (“IRC” or the “Company”, together with its subsidiaries, the “Group”) is pleased to provide the Fourth Quarter Trading Update for the three months ended 31 December 2019. HIGHLIGHTS – 4Q2019 K&S • 24.7% improvement in production and 15.2% improvement in sales over 4Q2018 • Achieved 100% production capacity in October; average capacity in 4Q2019
    [Show full text]
  • Annual Information Form for the Year Ended December 31, 2010 March 31, 2011
    SINO-FOREST CORPORATION Annual Information Form for the year ended December 31, 2010 March 31, 2011 TABLE OF CONTENTS Page THE CORPORATION ……. .......................................................................................................................... 1 CORPORATE STRUCTURE .......................................................................................................................... .1 GENERAL DEVELOPMENT OF THE BUSINESS ..................................................................................... ..4 Overview……… ………………………… ........................................................................................... 4 Strategic Business Units ..................................................................................................................... ..4 Wood Fibre Operations ................................................................................................................... 4 Plantation Fibre ...................................................................................................................... 4 Trading of Wood Logs ........................................................................................................... 4 Manufacturing and Other Operations ............................................................................................. 4 Historical Milestones ............................................................................................................................ 5 DESCRIPTION OF THE BUSINESS .............................................................................................................
    [Show full text]
  • Petropavlovsk PLC 11 Grosvenor Place London SW1X 7HH T +44
    Petropavlovsk PLC 11 Grosvenor Place T +44 (0)20 7201 8900 London E [email protected] SW1X 7HH www.petropavlovsk.net Annual Report 2019 Who We Are Petropavlovsk is a London premium-listed, Russia-focused gold mining and R&D business 7.6Moz 17 years Gold produced Average mine life to date 514koz 1 Au sales in 2019 of only two POX plants in Russia IFC Petropavlovsk Annual Report 2019 Petropavlovsk is a London premium-listed, Russia-focused gold mining and R&D business Purpose “To use our unique technical skill set and mining capabilities to realise the value of our gold assets for the benefit of all stakeholders, while enhancing the lives of the communities and respecting the environment within which we operate.” Petropavlovsk Annual Report 2019 1 Our Values Responsibility We place people first. Responsible practices are our highest priority and we aim to operate safely, efficiently and transparently, continually seeking new ways to ensure an injury-free workplace. We are committed to preventing pollution, minimising waste, increasing carbon efficiency and optimising natural resource usage. We develop innovative solutions to mitigate environmental risks and welcome an active dialogue with all our stakeholders and local communities. Innovation We challenge ourselves and others to constantly look beyond the latest scientific and engineering developments worldwide. Our aim is to be a respected industry leader in safety and environmental practices, whilst realising the full potential of our assets through ingenuity, drive and innovation. Integrity We believe that honest communication, sound business ethics and respect for people are the foundation of our business and we deal with all our stakeholders in a respectful, responsible way.
    [Show full text]
  • Annual 2017 Report
    Annual Report 2017 Our Values Responsibility We place people fi rst. Responsible practices are our highest priority and we aim to operate safely, effi ciently and transparently, continually seeking new ways to ensure an injury-free workplace. We are committed to preventing pollution, minimising waste, increasing carbon effi ciency and optimising natural resource usage. We develop innovative solutions to mitigate environmental risks and welcome an active dialogue with local communities. Innovation We challenge ourselves and others to constantly improve in line with the most recent scientifi c and engineering developments worldwide. Our aim is to be an industry leader in safety and environmental practices, whilst realising the full potential of our assets through ingenuity, drive, and innovation. Integrity We believe that honest communication, sound business ethics and respect for people are the foundation of our business and deal with all our stakeholders in a respectful, responsible way. We are guided by our Code of Ethics in every situation, at all levels of the Company, to preserve dignity and self-worth in all our interactions. Excellence We are focused on delivering results and on doing what we say we will do. We accept responsibility and hold ourselves accountable for our work, behaviour, ethics and actions. We aim to deliver high performance outcomes and undertake to deliver on our commitments to our colleagues, business and social partners, and our investors. Sustainability Sustainable development has been a key focus for the Group since its foundation. At Petropavlovsk, our objective is to act in the interests of our stakeholders, including shareholders, employees and the communities in which we operate, by ensuring all our activities are effi cient, responsible, transparent and sustainable.
    [Show full text]
  • Petropavlovsk PLC 11 Grosvenor Place London SW1X 7HH T +44
    Petropavlovsk PLC 11 Grosvenor Place T +44 (0)20 7201 8900 London [email protected] SW1X 7HH www.petropavlovskplc.com ANNUAL REPORT 2020 UNLOCKING VALUE DRIVING IMPROVEMENT ANNUAL REPORT 2020 CBP00019082504183028 Designed and produced by Thoburns Communications www.thoburns.com Petropavlovsk Annual Report 2020 1 CHAIRMAN’S STATEMENT MR. JAMES W. CAMERON JR. Dear Shareholder a temporary adverse impact on the group’s These are the first set of annual results as financial position and operations. The actions the Chairman of your company and it has have however resulted in unnecessary delays obviously been an unusual and, at times, and unavoidable expense. The board has challenging year. I am pleased to say, that sought to address these. we are now in a significantly better place and able to focus on running the company Despite the challenges initially faced by the efficiently and providing improved returns for current board, I am pleased to report that shareholders. there has been a significant improvement in the situation, following key changes in the past CORPORATE TURBULENCE six months. During 2020, the company underwent a period of substantial corporate turbulence. At the RGM 84% of the votes cast were At the 2020 AGM, a majority of shareholders in favour of Resolution 19, which required voted against the election or re-election the board to commission an independent of seven out of the eleven members of forensic investigation into certain dealings by the board. This vote was an expression of the group’s management. As discussed in dissatisfaction among major shareholders with more detail below, the company has engaged the then current board and the company’s KPMG LLP to conduct this investigation and management.
    [Show full text]
  • IRC Limited HONG KONG STOCK CODE: 1029
    IRC Limited HONG KONG STOCK CODE: 1029 Annual Report 2016 RUSSIA BOLSHOI SEYM KURANAKH GARINSKOYE K&S Blagoveschensk Birobidzhan Sovgavan Heihe Manzhouli Khabarovsk Shuanyashan SRP Harbin CHINA Suifenhe Vladivostok Nakhodka Beijing Tianjin Tokyo Seoul Qingdao BAM Railway Trans Siberian Railway Amur River Bridge (under construction) China Railway ABOUT US WHY IRC 2016 AND BEYOND We are a vertically integrated IRC is unique in the iron ore K&S mine, our 3.2 million tonnes per annum project, has started producer of industrial market due to its competitive trial production in 2016 and commodities, operating in advantages, namely superior will ramp up to full production the Russian Far East and geology and direct access capacity in 2017. It will produce premium 65% iron ore products at North-Eastern China. We are using established world-class some of the lowest industry costs characterised by our low cost infrastructure to China, the level. In long term, we will have growth profile. world’s largest iron ore market. optionalities of doubling group’s production capacity and beyond by developing K&S Phase II and other exploration projects. Contents CONTENTS 3 Chairman & CEO Review Chairman & CEO Review CFO Statement & Results of Operations Key Performance Indicators 5 CFO Statement & Results of Operations 14 Key Performance Indicators 16 Project Review 16 - K&S 18 - Kuranakh 20 - Garinskoye 21 - Exploration Projects & Others 22 Mineral Resource & Ore Reserve Statement 29 Health Safety Environment Community 48 Corporate Governance Report 62 Directors’
    [Show full text]