(Alliance News) - Gold miner Petropavlovsk PLC on Tuesday said the Covid-19 outbreak has yet to have a negative impact on operations in Russia.
Petropavlovsk has operations in the Amur region of the Russian Far East. So far, there have been no cases of Covid-19 in the region, or at any other operations through Russia or in London.
The company also said there has been no disruption to supply chains or logistics, given essentially all of its materials and equipment are sourced from within Russia.
"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," said Petropavlovsk.
"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 [Russian] rouble and fall in oil prices are both beneficial to the company's cost of operations."
Petropavlovsk recently was promoted to the FTSE 250 index in London, a change that becomes effective on Monday next week.
Shares were 1.5% higher on Tuesday afternoon in London at a price of 15.36 pence each.
By George Collard; georgecollard@alliancenews.com
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