TIDMPOG
RNS Number : 0138Q
Petropavlovsk PLC
25 October 2021
25 October 2021
Petropavlovsk PLC
Q3 2021 Production and Sales Report
Petropavlovsk PLC ("Petropavlovsk" or the "Company" or, together
with its subsidiaries, the "Group") today issues its sales and
production results for the quarter ending 30 September 2021 ("Q3
2021" or "the period") and for the first nine months of the year
("9M 2021").
Mr Denis Alexandrov, CEO, said:
"With improved performance at each of our mines during the
period, particularly Malomir, and supported by the launch of the
Pioneer flotation plant, the Company has made progress in reversing
the overall declining trend in quarterly own-mined gold production
seen since Q4 2019. We also increased throughput at our POX Hub and
the percentage of concentrate coming from our own mines, improving
our margins. We expect these trends to continue in the fourth
quarter and reiterate our production guidance for the year."
Operational Highlights
Gold Production and Sales
-- Q3 2021 total gold production amounted to 111.6 koz, a 2%
decrease vs. Q3 2020 (114.1koz), due to lower gold production from
3rd party concentrates
-- Own mined gold production during the period was 101.6koz, a
17% increase vs. Q3 2020 (86.5koz), with higher production across
all the Group's mines
-- 3rd-party concentrate gold production declined 64% to 10.1koz
in Q3 2021 (Q3 2020: 27.6koz) due to planned maintenance at the
Pokrovskiy POX plant in September and expected lower volumes as
processing capacity was switched to treat concentrate from the new
Pioneer flotation plant
-- Total gold production for 9M 2021 was 306.6koz, down 29% from
434.6koz in 9M 2020 due to the weaker first half of the year,
including 259.8koz of own-mined gold production and 46.8koz of gold
from 3rd-party concentrate (9M 2020: 300.1koz and 134.5koz,
respectively)
Gold P roduction '000oz
Asset Q3 2021 Q3 2020 9M 2021 9M 2020
----------------------------------- -------- -------- -------- --------
Pioneer 33.0 30.8 78.9 91.1
Malomir 41.4 29.2 111.4 110.7
Albyn 27.2 26.5 69.5 98.3
----------------------------------- -------- -------- -------- --------
Total Own Mined 101.6 86.5 259.8 300.1
----------------------------------- -------- -------- -------- --------
3rd-party concentrate (POX Hub) 10.1 27.6 46.8 134.5
Total Group 111.6 114.1 306.6 434.6
----------------------------------- -------- -------- -------- --------
Note: Numbers may not add up due to rounding effect
-- Gold sales totalled 120.1 koz in Q3 2021 (Q3 2020:
121.1koz)
-- Average realised gold price for Q3 2021 was US$1,780/oz, a
decrease of 7.2% from Q3 2020 (US$1,919/oz), with no gains or
losses from hedging
2021 Guidance
-- The Company affirms its full-year 2021 gold production
guidance of 430 - 470koz, comprising own gold production of 370 -
390koz and gold production from 3rd-party concentrate of 60 -
80koz
-- Total cash costs for own gold production for the year are
also expected to be within the Company's guidance range of US$870 -
970 per ounce
Pokrovskiy Pressure Oxidation (POX) Hub
-- A total of c.78kt of refractory gold concentrate was
processed through the POX Hub in Q3 2021, including 43kt from
Malomir with an average grade of 29g/t, 26kt from Pioneer at 27g/t
and 10kt of 3rd-party concentrate with an average grade of
38g/t
-- Despite scheduled maintenance work in September, Q3 2021
concentrate throughput represented roughly 78% of current POX
capacity of c.400ktpa based on the sulphur and carbon content mix
of concentrates. This compares to an average of c.61% in the first
half of the year. The POX Hub is expected to operate at full
current capacity in Q4 2021
-- The POX Hub processed 88% own-mined gold concentrates in Q3
2021 compared to an average of 69% in the first two quarters of the
year
-- In the first nine months of the year, a total of 201kt of
refractory gold concentrate was processed through the POX Hub
including 119kt from Malomir, 34kt from Pioneer and 48kt of
3rd-party concentrate
Business Review
-- The operational review led by CEO Denis Alexandrov and the
management team over the course of this year, is now in its final
stages. The review has focused on streamlining the corporate
structure, improving management systems and operational processes,
and developing a new medium-term corporate strategy.
-- The Board of Directors is currently reviewing elements of the
corporate strategy, which management plans to present at a Capital
Markets Day later this year. The Company will announce details for
the event as soon as the Board review is complete
Balance Sheet and Liquidity
-- Cash (unaudited) as of 30 September 2021 was US$34.5 m (30
June 2021: US$36.5m)
-- Debt principal outstanding as of 30 September 2021 was
US$592m (30 June 2021: US$573m)
-- Interest-bearing gold prepays stood at US$18.5 m as at 30
September 2021, a net decrease of US$18.6 m over the course of Q3
2021 and US$45.2m since the beginning of the year (US$37.1m as at
30 June 2021, US$ 63.8m as at 1 January 2021). The Company plans to
fully settle the gold prepays by year-end
-- Earlier this year, to replace the gold prepays and support
day-to-day liquidity needs, the Group secured a total of c.US$124m
(RUB 9 billion) in revolving credit facilities (RCF) from
Gazprombank ("GPB') at interest rates of 2.8 - 4.5%, which is
significantly lower cost than prior borrowings. The Company intends
to further increase the credit limit under the RCF going forward to
increase flexibility
-- On 10 August 2021, the Company's wholly-owned subsidiary
Petropavlovsk 2016 (the "Issuer") announced the final tender
results of an offer to purchase for cash up to US$200m of the
aggregate principal amount of its 8.125% guaranteed notes maturing
2022 (the "US$500m Notes"). The Issuer accepted for purchase an
aggregate principal amount of validly tendered US$500m Notes
totalling US$135,731,000
-- On 28 July 2021, the Group secured a US$200m term loan (30
June 2023 maturity), US$145m of which was used to buy-back
US$135,731,000 of the US$500m Notes in accordance with the tender
offer and to cover the bond premium and interest expenses. The term
loan interest rate is significantly lower than the 8.125% coupon on
the US$500 Notes
Hedging
-- Zero cost collars remain with a gold price floor of
US$1,600/oz and a cap of US$1,832/oz for 3,500koz maturing every
month until December 2021
-- Zero cost collars with a RUB:USD price floor of RUB75.00 and
a cap in the range of between RUB90.65 and RUB100.00 for US$7.0m
maturing every month until December 2021
-- The Company hedges purchases of third party concentrate from
the moment of fixing the concentrate price until the moment of
fixing gold sales price of gold produced from this concentrate. The
amount of hedging corresponds to the amount of gold expected to be
produced. At the moment 3.9koz are hedged using forward contracts
at the price higher than purchasing .
Responsible Business
-- Zero work-related fatalities have occurred at Petropavlovsk's
operations this year, neither among the Group's employees nor its
contractors
-- The Lost Time Injury Frequency Rate ("LTIFR") in Q3 2021
remained stable at 2.0 (Q3 2020: 1.97) while for 9M 2021 the
statistic was 24% higher year-on-year. The increase reflects
improved transparency following a revised approach to health and
safety reporting in line with best international practices. The
severity level of the recorded incidents was categorized as light.
Safety remains a top priority for the Group, and we are committed
to continuously working to reduce the number of accidents overall
and to achieve our ultimate goal of zero harm
-- Further developments in health and safety strategy include
the launch of a Group- wide unified health and safety policy and an
independent audit of the maturity level of safety culture carried
out in Q3 2021
Metric Units Q3 2021 Q 3 2020 9M 2021 9M 2020
------------------------- ------------------- -------- --------- -------- --------
LTIFR Per 1m hrs worked 2.0 1.97 1.84 1.48
Environmental incidents Number 0 0 3 0
------------------------- ------------------- -------- --------- -------- --------
Note: Environmental incidents defined as moderate or serious
-- Following a governmental environmental audit, two incidents
that occurred in Q2 2021 were classified as serious and a third one
as moderate. Two of the incidents related to flooding at Pioneer
while the third involved a localised fuel spill, and none was
categorised as major. Corrective action plans were developed and
implemented to ensure there is no long-term environmental
impact
-- As part of the Group's commitment to implementing best
international practices and improving the safety, health and
wellbeing of our employees, Petropavlovsk is pleased to announce
that it has joined the Global Vision Zero Business Council
-- Petropavlovsk is also proud to highlight that the Company has
joined the Russian chapter of Women in Mining as a core member and
sponsor, underscoring our commitment to promoting gender diversity
in the mining sector
COVID-19 Update
-- No material COVID-19 outbreaks have occurred at our sites
this year to date, and the Company continues to implement strict
quarantine and safety measures across its operations
-- In Q3 2021, the Company continued its on-site vaccination
programme, launched in Q2 2021 at each of the mines and accompanied
by an extensive informational campaign via corporate and social
media and other communications channels
-- As of 3 October 2021, 71% of the Group's employees have been
fully vaccinated (2 doses), compared to less than 30% at the
beginning of Q3 2021
-- There were no pandemic-related issues with the Group's supply
chains during the period
-- Due to the worsening situation with the pandemic in Russia in
recent weeks, the government has instituted a number of measures
aimed at curbing the spread of Covid-19 that are due to take effect
in late October. In response, the Company plans to allow some
office staff to work remotely, and will limit travel to production
sites, which could affect scheduling for some maintenance and
repair work
Development Update
Pioneer flotation plant and expansion of the Malomir flotation
facility
-- On 31 May 2021, the Company launched the Pioneer flotation
plant, with the capacity to process 3.6Mt pa of ore, thereby
doubling the Group's total processing capacity for refractory gold
ore from its own mines to 7.2Mtpa (including the existing Malomir
plant). The plant ramped up to full capacity in Q3 2021, supplying
26kt of concentrate to the POX Hub during the quarter out of an
expected c.60kt this year
-- The construction of a third line at the Malomir flotation
plant progressed on schedule in Q3 2021. Upon completion in Q3
2022, the expansion will add an additional 1.8Mtpa of flotation
capacity, bringing the total combined Group capacity to 9.0Mtpa
IRC Update
-- Petropavlovsk remains guarantor of the obligations of IRC
Limited's subsidiary K&S under two loan facility agreements
with GPB. IRC continues to pay down the debt in line with the
repayment schedule and has made additional early repayments this
year. As of August 2021, the outstanding loan principal was
US$143.5m
-- The Company is currently subject to a binding agreement
("SPA") to sell a 29.9% stake in IRC Limited to Stocken Board AG
("Stocken") for US$10m plus release of the guarantees given by the
Company in respect of IRC's debt. The Board of Directors resolved
on 22 September 2021 that no consent or instrument is required
under the terms of the US$ 500m Notes in respect of the sale under
the SPA. Stocken must satisfy the remaining condition precedent to
the SPA, i.e. the release of the loan guarantees within the
timeframe set out in the SPA
Operations Report
Pioneer
Pioneer mines refractory and non-refractory ores from several
conventional open pits and underground operations. The launch of a
new flotation plant at Pioneer in Q2 2021 was a major step in the
mine's transition from mining non-refractory to mainly refractory
ores, which are concentrated ahead of processing at the POX
Hub.
PIONEER Units Q3 2021 Q3 2020 9M 2021 9M 2020
Mining operations
------------------------------------------------ -------- -------- -------- --------
Total material moved m3 '000 4,476 5,562 14,069 15,021
Non-refractory ore mined t '000 614 664 2,112 2,074
------------------------------------ ---------- -------- -------- -------- --------
Average grade g/t 1.10 0.88 1.05 0.95
Gold content oz. '000 21.7 18.8 71.0 63.4
Refractory ore mined t '000 609 135 1,353 234
------------------------------------ ---------- -------- -------- -------- --------
Average grade g/t 1.01 0.92 1.06 0.92
Gold content oz. '000 19.7 4.0 46.0 6.9
Processing operations
------------------------------------------------ -------- -------- -------- --------
Resin-in-pulp (RIP ) plant ( non-refractory
ores )
------------------------------------------------ -------- -------- -------- --------
Ore milled t '000 557 1,369 2,362 4,083
Average grade g/t 0.98 0.81 0.91 0.81
Gold content oz. '000 17.6 35.5 69.3 106.5
Recovery % 79% 86% 80% 85%
Gold recovered oz. '000 13.8 30.7 55.4 90.6
Flotation plant (refractory ores)
------------------------------------------------ -------- -------- -------- --------
Ore milled t '000 830 - 1,144 -
Average grade g/t 1.07 - 0.99 -
Gold content oz. '000 28.5 - 36.3 -
Recovery % 79% - 79% -
Concentrate yield % 3.1% - 3.0% -
Concentrate produced t '000 26.0 - 34.6 -
Average grade g/t 26.9 - 25.7 -
Gold content oz. '000 22.5 - 28.6 -
POX Plant (Pioneer concentrate)
------------------------------------------------ -------- -------- -------- --------
Concentrate treated t '000 25.8 - 34.0 -
Average grade g/t 26.9 - 25.7 -
Gold in concentrate oz. '000 22.4 - 28.1 -
Recovery % 95% - 95% -
Gold recovered oz. '000 21.3 - 26.8 -
Total gold production (doré) oz. '000 33.0 30.8 78.9 91.1
------------------------------------ ---------- -------- -------- -------- --------
Note: numbers may not add up due to fluctuation of gold in
circuit and / or rounding
Pioneer processes ore from both open pit and underground mining
and saw a 7% year-on-year increase in Q3 2021 output as it shifted
to treating refractory ore at the new flotation plant. Ore
processing volumes were almost even versus the same period last
year at 1,387kt, including 557kt at the RIP plant and 830kt at
flotation, while grades improved to 0.98g/t for non-refractory ore
and the refractory ore grade was 1.07g/t.
Underground mining of the Bakhmut-3 area recommenced in Q3 2021
and the Bakhmut-2 area is expected to follow shortly. Work in these
areas was halted as a precaution following the flooding of a nearby
depleted open pit in June. W ork on the Andreevskaya underground
ore zone has also resumed following a pause for exploration
drilling, with recent metallurgical tests showing the ore is
amenable to treatment at the flotation plant.
In early October, Pioneer began experiencing technical issues
with some of the filtration systems installed at the flotation
plant. Work is ongoing to resolve these issues so as to minimise
the impact on Q4 2021 flotation concentrate production.
Malomir
Malomir is a conventional open-pit mine and underground
operation transitioning towards mainly refractory ore processing
using the onsite flotation plant. The resulting concentrate is
shipped for processing to the POX Hub. The Malomir deposit has
extensive refractory reserves and resources and both near-mine and
surrounding areas are considered highly prospective for the
discovery of further refractory gold ounces.
MALOMIR Units Q3 2021 Q3 2020 9M 2021 9M 2020
Mining operations
----------------------------------------------- -------- -------- -------- --------
Total material moved m3 '000 2,923 2,743 7,963 7,577
Non-refractory ore mined t '000 - 108 153 336
----------------------------------- ---------- -------- -------- -------- --------
Average grade g/t - 2.55 2.20 2.14
Gold content oz. '000 - 8.9 1 0.8 23.1
Refractory ore mined t '000 1,244 1,052 3,636 3,383
----------------------------------- ---------- -------- -------- -------- --------
Average grade g/t 1.92 1.14 1.64 1.14
Gold content oz. '000 77.0 38.4 191.3 123.7
Processing operations
----------------------------------------------- -------- -------- -------- --------
Resin-in-pulp (RIP ) plant ( non-refractory ores )
---------------------------------------------------------------------------------------
Ore milled t '000 10 89 148 319
Average grade g/t 2.72 2.60 2.24 2.09
Gold content oz. '000 0.9 7.5 10.7 21.5
Recovery % 86% 81% 73% 77%
Gold recovered oz. '000 0.8 6.1 7.8 16.5
Flotation plant (refractory ores)
----------------------------------------------- -------- -------- -------- --------
Ore milled t '000 1,034 979 3,038 2,883
Average grade g/t 1.47 1.25 1.36 1.28
Gold content oz. '000 48.9 39.4 132.7 118.2
Recovery % 84% 84% 84% 85%
Concentrate yield % 4.3% 3.7% 4.0% 3.7%
Concentrate produced t '000 44.2 35.8 120.4 106.2
Average grade g/t 29.0 28.6 28.7 29.3
Gold content oz. '000 41.2 32.9 110.9 100.0
POX Plant (Malomir concentrate)
----------------------------------------------- -------- -------- -------- --------
Concentrate treated t '000 42.9 34.9 119.0 111.3
Average grade g/t 29.3 28.2 28.8 29.4
Gold in concentrate oz. '000 40.5 31.7 110.2 105.2
Recovery % 92% 91% 93% 91%
Gold recovered oz. '000 37.2 28.9 102.0 96.2
Total gold production (doré) oz. '000 41.4 29.2 111.4 110.7
----------------------------------- ---------- -------- -------- -------- --------
Note: numbers may not add up due to fluctuation of gold in
circuit and / or rounding
Malomir had a strong Q3 2021 as the mine switched almost
entirely to processing refractory ore. Total gold production rose
by 40% year-on-year to 41.4koz due to higher grades and volumes.
Malomir processed 1,034kt of refractory ore through its flotation
plant at an average grade of 1.47g/t. A total of 37.2koz of gold
was recovered from processing 42.9kt of Malomir concentrate at the
POX Hub during the period with recovery rates of 92%, in-line with
expectations and project design rates.
A shortage of available rail cars has restricted some deliveries
of concentrate from Malomir to the POX Hub in recent days. The
Company is currently in the process of contracting additional rail
cars to increase available transport capacity.
Albyn
The Albyn processing facility is currently being used to treat
ore from the nearby Elginskoye satellite deposit, which replaced
the depleted Albyn pit as the main source of non-refractory ore
starting from 2021. Albyn could also potentially treat ore from the
earlier-stage Unglichikanskoye deposit in the future. Both of these
licences are owned 75% through TEMI LLC.
As of 31/12/2020, the Albyn deposits had JORC Measured,
Indicated and Inferred Mineral Resources of 4.2 1 Moz Au which
include 2. 18 Moz of JORC Proved and Probable Ore Reserves.
ALBYN Units Q3 2021 Q3 2020 9M 2021 9M 2020
Mining operations
----------------------------------------------- -------- -------- -------- --------
Total material moved m3 '000 3,174 2,113 9,922 8,916
Non-refractory ore mined t '000 1,058 406 5,365 2,251
----------------------------------- ---------- -------- -------- -------- --------
Average grade g/t 0.91 0.58 0.89 0.87
Gold content oz. '000 31.0 7.6 153.9 63.3
Refractory ore mined t '000 363 - 2,504 -
----------------------------------- ---------- -------- -------- -------- --------
Average grade g/t 0.86 - 1.02 -
Gold content oz. '000 10.0 - 82.1 -
Processing operations (RIP plant)
----------------------------------------------- -------- -------- -------- --------
Ore milled t '000 1,030 1,128 2,687 3,446
Average grade g/t 1.14 0.79 1.01 0.93
Gold content oz. '000 37.6 28.7 86.9 103.6
Recovery % 76% 94% 82% 94%
Gold recovered oz. '000 28.6 27.0 71.6 97.3
Total gold production (doré) oz. '000 27.2 26.5 69.5 98.3
----------------------------------- ---------- -------- -------- -------- --------
Note: numbers may not add up due to fluctuation of gold in
circuit and / or rounding. Data shown on a consolidated basis
In 2021, the Albyn processing plant switched to processing ore
from the nearby Elginskoye deposit, which is harder to mill and for
which recoveries are lower than for ore from the depleted Albyn
open pit. While this resulted in lower gold production in the first
half of the year, Q3 2021 saw production stabilise thanks to higher
grades as mining focused on the northwest sections of Elginskoye's
Severny open pit. A total of 1,030kt of ore at a grade of 1.14g/t
was processed at Albyn during the period, producing 27.2koz of
gold.
Given the uneven distribution of non-refractory and refractory
ore at Elginskoye and the fact that refractory ore cannot be
treated efficiently at the Albyn plant, some material is being
stockpiled leading to a lower volume of ore processed at Albyn than
is mined at Elginskoye. Further exploration and metallurgical
studies are in progress at Elginskoye to complete full-scale
metallurgical mapping of the deposit and to convert resources to
reserves. This work will likely result in updated production
plans.
3rd-Party Concentrate (POX Hub)
Petropavlovsk processes 3rd-party concentrate as a means to
optimise unused POX Hub capacity, which allows the Group to
demonstrate the production potential of the POX Hub and improve
Group cash flow.
3RD PARTY CONCENTRATES Units Q3 2021 Q3 2020 9M 2021 9M 2020
POX plant
----------------------------------------------- -------- -------- -------- --------
Concentrate treated t '000 9.7 23.5 48.1 78.3
Average grade g/t 38.2 32.6 32.2 51.7
Gold in concentrate oz. '000 12.0 24.7 49.8 130.3
Recovery % 91% 93% 93% 94%
Gold recovered oz. '000 10.9 23.0 46.4 122.5
Total gold production (doré) oz. '000 10.1 27.6 46.8 134.5
----------------------------------- ---------- -------- -------- -------- --------
Note: numbers may not add up due to fluctuation of gold in
circuit and / or rounding
The POX Hub treated 9.7kt of 3rd-party concentrate at an average
grade of 38.2g/t to produce 10.1koz of gold during the period.
Lower volumes of 3rd-party concentrate during the quarter versus
the same period last year were due, in part, to a higher percentage
of processing capacity being used for own-mined concentrates
following the launch of the Pioneer flotation plant. Additionally,
production was halted for several days due to scheduled annual
maintenance in September. The Company currently has sufficient
volumes of 3rd-party concentrate contracted for the remainder of
the year, albeit at grades lower than the average seen in 2020.
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
Index.
The Company's key operating mines (Pioneer, Malomir and Albyn)
and its Pokrovskiy Pressure Oxidation (POX) Hub, are located in the
Amur Region in the Russian Far East. Petropavlovsk has produced a
total of c.8.6Moz 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
John Mann / Max Zaltsman TeamIR@petropavlovskplc.com
Hudson Sandler +44 (0) 20 7796 4133
Charlie Jack / 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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