TIDMPOG
RNS Number : 2787A
Petropavlovsk PLC
01 June 2021
1 June 2021
Petropavlovsk PLC
Technical Launch of the Pioneer Flotation Plant
Petropavlovsk PLC ("Petropavlovsk" or the "Company" or, together
with its subsidiaries, the "Group") today announces the technical
launch of the Pioneer flotation plant, the Company's second
facility for processing refractory gold ore and producing flotation
concentrate.
Mr Denis Alexandrov, CEO said: "The successful launch of the
Pioneer flotation plant represents a key strategic milestone for
the Company. We are pleased to have commissioned the facility
slightly ahead of the mid-year target we set when I joined the
Company last year. The new plant will enable Petropavlovsk to take
full advantage of Pioneer's substantial refractory ore reserves
while providing an additional source of own-mined concentrate for
our state-of-the-art POX Hub."
New Own-Mined Concentrate Supplier for the POX Hub
-- The new Pioneer flotation plant has the capacity to process
3.6Mtpa of refractory gold ore. Once fully operational, the plant
is expected to deliver more than 100ktpa of refractory gold
concentrate for treatment at the Company's Pressure Oxidation
("POX") Hub
-- Pioneer flotation doubles the Group's capacity to process
refractory gold ore which, including the existing Malomir flotation
plant, now stands at 7.2Mtpa
-- The plant is expected to become fully operational by July and
to produce c.60kt of concentrate in 2021
-- The construction of a third line at the Malomir flotation
plant remains on track and will add an additional 1.8Mtpa of
flotation capacity from Q3 2022, bringing the total combined Group
capacity to 9.0Mtpa
-- The launch of Pioneer flotation and expansion at Malomir will
reduce the reliance of the POX Hub on treating lower-margin
3rd-party concentrates
About Petropavlovsk
Petropavlovsk PLC (LSE: POG. MOEX: POGR) is a major integrated
Russian gold producer with JORC Resources of 19.50Moz Au which
include Reserves of 7.16Moz Au. Following its IPO on the
Alternative Investment Market (AIM) in 2002, Petropavlovsk was
promoted to the London Stock Exchange in 2009, where today it is a
Premium Listed company and a constituent of the FTSE 250, FTSE 350
and FTSE All Share indices. The Company's shares also trade on the
Moscow Exchange and are a constituent of the RTS Index and MOEX
Russia Index.
The Company's key operating mines (Pioneer, Malomir and Albyn)
and its Pressure Oxidation ("POX") Hub at Pokrovskiy are located in
the Amur Region in the Russian Far East. Petropavlovsk has produced
a total of c.8.3Moz of gold since operations began in 1994 and has
a strong track record of mine development, expansion, and asset
optimisation.
Petropavlovsk is one of the region's largest employers and one
of the largest contributors to the sustainable development of the
local economy.
For more information
Please visit www.petropavlovskplc.com or contact:
Petropavlovsk PLC +44 (0) 20 7201 8900
Patrick Pittaway / Max Zaltsman / Viktoriya TeamIR@petropavlovskplc.com
Kim
Hudson Sandler +44 (0) 20 7796 4133
Charlie Jack / Katerina Parker / Elfie Kent Petropavlovsk@hudsonsandler.com
Cautionary note on forward-looking statements
This release may include statements that are, or may be deemed
to be, "forward-looking statements". These forward-looking
statements can be identified by the use of forward-looking
terminology, including the terms "believes", "estimates", "plans",
"projects", "anticipates", "expects", "intends", "may", "will" or
"should" or, in each case, their negative or other variations or
comparable terminology, or by discussions of strategy, plans,
objectives, goals, future events or intentions. These forward
looking statements include all matters that are not historical
facts. They appear in a number of places throughout this release
and include, but are not limited to, statements regarding the
Group's intentions, beliefs or current expectations concerning,
among other things, the future price of gold, the Group's results
of operations, financial position, liquidity, prospects, growth,
estimation of mineral reserves and resources and strategies, and
exchange rates and the expectations of the industry. By their
nature, forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances [outside the
control of the Group. Forward-looking statements are not guarantees
of future performance and the development of the markets and the
industry in which the Group operates may differ materially from
those described in, or suggested by, any forward- looking
statements contained in this release. In addition, even if the
development of the markets and the industry in which the Group
operates are consistent with the forward looking statements
contained in this release, those developments may not be indicative
of developments in subsequent periods. A number of factors could
cause results and/or developments to differ materially from those
expressed or implied by the forward-looking statements including,
without limitation, general economic and business conditions,
demand, supply and prices for gold and other long-term commodity
price assumptions (and their effect on the timing and feasibility
of future projects and developments), trends in the gold mining
industry and conditions of the international gold markets,
competition, actions and activities of governmental authorities
(including changes in laws, regulations or taxation), currency
fluctuations (including as between the US Dollar and Rouble), the
Group's ability to recover its reserves or develop new reserves,
changes in its business strategy, any litigation, and political and
economic uncertainty. Except as required by applicable law, rule or
regulation (including the Listing and Disclosure Guidance and
Transparency Rules), the Group does not undertake any obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise. Past
performance cannot be relied on as a guide to future performance.
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