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6.4m after hours UT buy £1m worth, does someone know something we don't. Also, could it be that the Stratergy document is held back until after the bond buy back and IRC is settled at year end. Opinions anyone.
Reading the press report above and it looks like some Peruvian tin pot politician sneezes and goes on about closing some mines and the world of gold catches a cold, it must be more contageous than covid.
It's about time the Snakes in the boeardroom got their fingers out and published some good news, where's the roadmap, should have been published by end of October originally, now told year end after board sign-off, well we're nearly at year end with no sign of board sign-off, where is all the selling that is affecting these drops because I don't see them when I look a the the trades unless it is on the Moscow exchange. Someone is playing games here.
As I've previously said, this share is a 'snakes and ladders' share. We've had a couple of ladders this week lifting the share price only for us to land on the Friday snake and slip all the way back down. Gives us some good news to spark this to a sustainable rise.
Gold has just shot up to $1850 an oz. hopefully the share price will follow northwards.
In the last quarter update it was stated that it had moved to 'before the end of the year', with notification before delivery of a definitive date. If we take out the last two weeks of December, then we should be getting notificstion befoe too long after the bod sign it off.
Owning this share is like a game of 'Snakes and ladders', last week was ladders, price going up, this week it's like hitting the snakes, constantly dropping, no doubt we will end-up at 20p by Friday. Bring on some positive news, the road maps should help with a stratergy towards dividends and increased production and exploration for higher grade ore.
Good rise for POG today after yesterday, gold now back above $1800. Role on Monday.
So if the trading update is now postponed until Monday, I wonder if it will be followed by the Strategy update on the same day, seems a possibility to me, although I would rather ride good results, hopefully, for a day or two then drop the Strategy update and ride the price of that as a seperate booster.
I wonder when the shorters start to panic over the rising price, which one will blink first, I feel that the end of October briefing will drive this further north as investors realise we have a cohesive plan for growth and dividend payments.
The head of Petropavlovsk announced that there are no obstacles to the sale of a stake in IRC
Vedomosti
The closing of the deal on the sale by the gold mining company Petropavlovsk of 29.9% in the Far Eastern iron ore producer IRC will not require the approval of the owners of Petropavlovsk Eurobonds, Petropavlovsk CEO Denis Aleksandrov said in an interview with Vedomosti. He explained that such a decision was made by the company's board of directors.
“There are certain steps under the agreement to close the deal. The board of directors of Petropavlovsk was supposed to discuss whether we need to get the consent of the bondholders. The Board of Directors made a decision that the approval of bondholders for the deal is not required, ”Aleksandrov said. He stressed that now the buyer - the investment company Stocken Board registered in Liechtenstein - must submit to Petropavlovsk and Gazprombank a plan to remove the IRC debt guarantees from Petropavlovsk. “Whether we will be able to close the deal and when, I cannot say yet, but we hope that it will work out before the end of the year,” added Aleksandrov.
Answering the question about the possibility of terminating the contract with Stocken, he noted that the contract does not contain a clause on penalties or penalties for non-performance, therefore, a hypothetical termination of the contract would lead to legal proceedings.
IRC
The only iron ore producer in the Russian Far East. The largest shareholder of the company with a share of 31.1% is Petropavlovsk. In 2010, IRC attracted a $ 340 million line of credit from the Chinese ICBC to finance Kimkano-Sutarsky GOK. At that time, Petropavlovsk owned 65% of IRC, and the gold miner acted as the only guarantor for the company's obligations. Since 2012, IRC has carried out three additional issues, as a result of which the share of Petropavlovsk decreased to 31.1%. According to Interfax, in addition to Petropavlovsk, IRC shareholders are Prosperity (about 16%), Slevin and Everest (10.2% in total), Sova Capital - 6.1%.
In March 2020, Petropavlovsk entered into an agreement with the Liechtenstein-registered investment company Stocken Board to sell 29.9% of IRC for $ 10 million, subject to certain conditions. The deal becomes binding after the consent of Gazprombank - the main creditor of Petropavlovsk and IRC. In addition, the Petropavlovsk board of directors must decide on the need to approve the transaction by the owners of the company's Eurobonds (an issue in the amount of $ 500 million due in 2022). As a result of the deal, Petropavlovsk should be exempted from guarantees under the IRC loan agreements, which Petropavlovsk management called the main purpose of the deal. In May 2021, Petropavlovsk announced that Gazprombank had given its consent to the transaction and the agreement had become binding.
In August, the largest shareholder of Petropavlovsk, Yuzhuralzoloto (UGK, owns 29.2%), said that the deal did not meet the interests of P
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Https://www.vedomosti.ru/business/characters/2021/10/11/890708-eksporta-zolota
"I'm not a fan of gold exports"
Denis Aleksandrov, CEO of Petropavlovsk, on the future of the gold mining industry and how his company can best fit into it
Vasily Milkin
General Director of Petropavlovsk Denis Alexandrov / Andrey Gordeev / Vedomosti
Gold prices in 2021 are in the range of $ 1700-1800 per troy ounce, which is a historically high level (gold was more expensive only in 2020, when the price exceeded $ 2000). There are less and less alluvial gold deposits in the world and more and more actively involved in the development of refractory ore deposits that require special mining technologies. Against this background, the gold mining company Petropavlovsk plans to present a new development strategy by the end of October. The new management of the company, which regularly changed shareholders and periodically flared up corporate scandals, seeks to stabilize production activities and resume the payment of dividends.
Denis Aleksandrov, who headed Petropavlovsk at the end of last year, in an interview with Vedomosti talks about the company's strategy, the fate of the deal to sell a stake in the iron ore company IRC and a possible rebranding.
- You came to the company at a difficult time in terms of management. Tell us what difficulties you faced, what have you already managed to change?
- Indeed, the period was not easy, there was a lot of noise in the press around Petropavlovsk for the last few years. Over the past 4-5 years, the main shareholder has changed four times in the company. When we joined the company in December, the team had a very wary attitude. And the first task was to convince the team that we did not come here to rob the company, not to sell it piece by piece, not to fire everyone and everything, but came to build, with plans and hopes that the company would develop further. We managed to do it, the collective believed in us as a whole. Then work began on a comprehensive audit. We have completely restructured the Moscow office, now we are in the process of the Annunciation office. Today all lines of control have become clear. Then we started looking at contracts. There were a lot of intermediaries, the purchase was not from direct suppliers. We got rid of intermediaries, “straightened out” contracts, signed long-term contracts somewhere, revised the capital expenditure program. Some employees were fired for violating the rules of ethics in the procurement procedures, with someone we are currently suing. In the first six months, we reduced capital and operating costs by approximately $ 26 million.
- What is the reason for the drop in the company's production indicators in the first half of the year?
- [Gold] concentrate has become a serious problem. In 2020, the contracting window, which usually falls in September-October, was skipped, and when we joined the company, we only had 40,
Just noticed a couple of interviews with Alecsandrov Ceo POG, on advfn, well worth a viewing regarding production and IRC, looks good to me for the coming year and stratergy looks good.
Roadmap/Stratergy document maybe Monday with possible ref. to dividend payment could be the driver.
Hopefully we will have the road map published this week and it will give a positive message to investors which is reflected in the share price.
Owning this share is like playing a game of snakes and ladders, for every rise there is a snake and fall in the following days. It would be nice to get a sustainable rise that holds, can't see that happening until the October road map statement and even then we may have to wait for proof that we are back on track with second half results in January.
Grade is king, unfortunately Pogs is poor, we could do with more exploration to increase the grades for processing and profit.
The idea of a name change that was 'not Russian sounding' was in one of the article links posted over the last few days, can't remember which, don't know if it is seriously being considered or not.
Any suggestions for a name change to something 'less Russian sounding.'
https://www.forbes.ru/biznes/437813-zoloto-bunta-kak-eks-menedzher-fridmana-i-abramovicha-upravlyaet-kompaniey.
interesting that it mentions publication of future strategy and direction in a proposed October statement. Proper link on advfn.