(Alliance News) - Petropavlovsk PLC on Tuesday said it continues to sell gold through Russian commercial banks, after the Central Bank of Russia temporarily suspended gold purchases.
The gold miner also has the necessary licences in place to export gold for sale outside of Russia and has shipped gold to the UK and Switzerland in April.
Petropavlovsk, which has operations in the Amur region of the Russian Far East, said that its Pioneer flotation plant remains on track for commissioning in the fourth quarter and all key equipment items necessary to complete construction of the plant have now arrived despite lockdown measures in place.
The new flotation plant is expected to double the company's capacity to 7.2 million tonnes per annum from 3.6 million tonnes.
Separately, the company said it has appointed Maxim Kharin as a non-executive director and Chief Financial Officer Danila Kotlyarov as an executive director with immediate effect.
Kharin currently serves as chair and director for Economics & Finance at Uzhuralzoloto Group of Companies. Kharin was nominated as a director by UGC, the company's largest shareholder.
Shares in the company were up 4.9% at 25.33 pence each in London on Tuesday morning.
By Tapan Panchal; tapanpanchal@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.