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Petropavlovsk PLC   -  POG   

Company Policy and Update on COVID-19

Released 12:39 17-Mar-2020

RNS Number : 4652G
Petropavlovsk PLC
17 March 2020
 

 

 

 

 

17 March 2020

 

Petropavlovsk PLC

 

Company Policy and Update on COVID-19

 

Petropavlovsk PLC ("Petropavlovsk" or the "Company" or, together with its subsidiaries, the "Group") provides the following update with regards to the Company's policies and initiatives towards protecting the health and welfare of staff, as well as all risk mitigation policies in relation to the global COVID-19 ("Coronavirus") pandemic.

Petropavlovsk's highest priority is to protect its workforce and the local communities in the Amur region as well as its offices in Moscow and London. There are a number of risk mitigation strategies focused on protecting all of our staff which include a thorough reporting culture of any infection or illness, the provision of regular advice, prevention of infection (or the spread of infection) and appropriate resourcing to our medical facilities across the Group.

At this time there have been no reported cases of the Coronavirus within the Amur region or at any of Petropavlovsk's mining, research or administrative operations throughout Russia or in London. There are no disruptions to any of the Company's supply chains, logistics, and normal business operations. However, the Company is carefully monitoring on a day-to-day basis the potential impact the Coronavirus could have on the welfare of all of Petropavlovsk's employees, the communities within which we operate and to the business.

Petropavlovsk will also continue to monitor the supply chain logistics to all its operations, which are almost entirely sourced from within Russia and remain fully functional. The recent devaluation of the Rouble and fall in oil prices are both beneficial to the Company's cost of operations.

Should there be any material changes in Petropavlovsk's risk profile due to the increased proliferation of COVID-19, an announcement will be made immediately.

 

About Petropavlovsk

 

With a Premium Listing on the London Stock Exchange, Petropavlovsk (LSE: POG) is a major integrated Russian gold producer with JORC Resources of 20.52Moz Au which include Reserves of 8.21Moz Au.

 

The Company's key operating mines (Pioneer, Malomir and Albyn) are in the Amur Region in the Russian Far East and the Company has produced a total of c.7.6Moz of gold since operations began in 1994. Petropavlovsk has a strong track record of mine development, expansion and asset optimisation.

 

The Group recently entered a new era of growth following the successful commissioning and start-up of its flagship asset, the Pressure Oxidation (POX) Hub at Pokrovskiy, which enables the processing of the Company's abundant refractory reserves and resources.

 

Petropavlovsk is committed to implementing international best practices across all areas of sustainable development and is one of the region's largest employers and contributors to the local economy.

 

For More Information

 

Please visit www.petropavlovsk.net or contact:

 

Petropavlovsk PLC                                      

Patrick Pittaway / Max Zaltsman / Viktoriya Kim

+44 (0) 20 7201 8900

TeamIR@petropavlovsk.net

Peel Hunt LLP                                              

Ross Allister / David McKeown / Alexander Allen

+44 (0) 20 7418 8900

Canaccord Genuity Limited

Henry Fitzgerald-O'Connor / James Asensio

+44 (0) 20 7523 8000

Buchanan

Bobby Morse / Kelsey Traynor / Ariadna Peretz

+44 (0) 20 7466 5000

POG@buchanan.uk.com

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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Company Policy and Update on COVID-19 - RNS