Petropavlovsk PLC Departure of CEO (3043L)
July 17 2017 - 12:43PM
UK Regulatory
TIDMPOG
RNS Number : 3043L
Petropavlovsk PLC
17 July 2017
17 July 2017
Petropavlovsk PLC
Petropavlovsk Announces Departure of CEO
The Board of Petropavlovsk PLC ("Petropavlovsk" or the "Company"
or, together with its subsidiaries, the "Group") announces that Dr
Pavel Maslovskiy has today resigned from the Board with immediate
effect and is also resigning as CEO of the Company. The Board
expects to announce an interim CEO shortly. Dr Pavel Maslovskiy has
agreed to continue to assist the Company in facilitating a smooth
transition to the new leadership.
Commenting on the announcement, Non-Executive Chairman, Ian
Ashby, stated:
"The Board expresses its appreciation to Dr Maslovskiy for his
service to the Group over the past twenty three years, as a founder
and one of the key drivers of the Group's development, and thanks
him for his assistance to achieve an orderly hand over. The Board
wishes Dr Maslovskiy success in his future endeavours."
Dr Pavel Maslovskiy, departing Chief Executive Officer,
comments:
"I have decided that the time has come to hand over the
leadership of the Company to new management. I intend to remain a
shareholder of the Company and to help with the transition to a new
CEO."
This announcement contains inside information for the purposes
of article 7 of The Market Abuse Regulation EU 596/2014.
About Petropavlovsk
Petropavlovsk is one of Russia's leading gold mining companies.
As at 31 December 2016, the Company had produced approximately
6.4Moz of gold.
Petropavlovsk is in the construction phase of a state of the art
pressure oxidation facility to process the Company's substantial
refractory resource base. The Company's combined 3,600km(2) license
holding has untapped resource potential. The Company is a leading
employer and contributor to the development of the local economy in
the Amur region, Russian Far East, where it has operated since
1994.
Petropavlovsk is a shareholder (31.1%) of IRC Limited and is the
guarantor of the US$340 million project finance facility (US$234
million principal outstanding, as at 31 December 2016). IRC is a
vertically integrated iron ore producer and developer in the
Russian Far East and North Eastern China. IRC is listed on the Hong
Kong Stock Exchange (Ticker: 1029.HK).
Petropavlovsk is listed on the Main Market of the London Stock
Exchange (Ticker POG:LN)
Enquiries
For more information, please visit www.petropavlovsk.net and
www.ircgroup.com.hk or contact
Petropavlovsk PLC Maitland
Alya Samokhvalova Neil Bennett
Grace Hanratty James Isola
+44 (0) 20 7201 8900 +44 (0) 20 7379 5151
TeamIR@petropavlovsk.net Petropavlovsk-Maitland@maitland.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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