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Maybe this gets resolved over the next few weeks. A production estimate for 2021 might go some way to detract from the circus.

As i read this there is another review on the 16th of Feb. I think this is a bail hearing. Either way I dont think the charges are been dropped and he still seems to be under detention.

MOSCOW, February 1. / TASS /. The Moscow City Court on Monday recognized as legal the arrest of the founder and former CEO of Petropavlovsk Pavel Maslovsky in the case of embezzlement of about 100 million rubles. TASS was informed about this in the press service of the court.

"The Moscow City Court determined the decision on the election of a measure of restraint in the form of detention to be canceled, to send the materials of the petition for a new examination in the Tverskoy District Court in a different composition, to leave Maslovsky a measure of restraint in the form of detention until February 16," the agency's source said ...

For the sake of the shareholders could we pre-pay for the cell for 10 years

Lawrence,
I am slightly confused by what you said below. I thought there was some sort of bail hearing going on. So did he get bail ? Is he free to leave the country ?

Feel free to correct this if I have stated something incorrectly.

Yuri (Pavel’s step son) was General manager at Aricom with Danila Kolyarov as his CFO, Aricom raised $554m to construct K&S in Hong Kong. Aricom went bankrupt and the assets were sold to POG. IRC was formed and again raised $240M in Hong Kong and got a $340m (now sitting at $203m outstanding) loan from the commercial bank of China. Total $1,134M to construct K&S and deliver $15M cash in Q4 2020. Yuri and Danila running the show. That’s an awful lot of money.

Yuri Makarov, the General manager of IRC is the stepson of Pavel Maslovsky.

We can only hope that Citadel get hurt and have to close out their short.

Will have some effect on Gold ?

If the current price of property there is/and was lower then this historically then it does seem like a good case. I think the auditors would have said anything Pavel wanted and so are irrelevant.

Petropavlovsk founder's arrest was preceded by a complaint to the FSB general
The arrest of Pavel Maslovsky, founder of the leading Russian gold mining company Petropavlovsk, was preceded by an appeal to the FSB by a member of its board of directors representing the interests of the largest shareholder
Maxim Kharin, a member of the board of directors of one of the largest gold mining companies in Russia, Petropavlovsk, turned to the FSB at the end of last year with a request to check the deal involving the founder and ex-CEO of this company, Pavel Maslovsky, for embezzlement and fraud.

RBC has a copy of Kharin's statement, sent on December 15, 2020 to Lieutenant General of the FSB Ivan Tkachev, head of the "K" department. The authenticity of the document was confirmed by a source close to the FSB.

Maslovsky was arrested ten days after this complaint - on December 25. He is accused of embezzlement on an especially large scale (part 4 of Article 160 of the Criminal Code), which provides for a punishment of imprisonment for up to ten years or a fine of up to 1 million rubles.

What facts did Kharin inform the FSB about?

According to Kharin's statement to the FSB, Maslovsky's son Alexei in March 2018 sold to Pokrovsky mine (the main asset of Petropavlovsk with a license for the Pokrovskoye gold deposit) an administrative building in Blagoveshchensk for 218.4 million rubles. based on the price of 97.8 thousand rubles. for 1 sq. m. Referring to open sources, Kharin noted that the cost of office real estate in Blagoveshchensk is much lower.

According to a source in Pokrovsky Rudnik, the investigation estimated the real cost of the building at 123 million rubles. Thus, the company could overpay more than 95 million rubles.

Since the Amur Region is a shareholder of Pokrovsky Rudnik (at the end of 2019, the region's minimum property owned 0.62% of the company), the interests of the state could suffer because of this transaction, Kharin said in a statement.

In this regard, in the actions of Maslovsky, he saw signs of crimes under Art. 159 and 160 of the Criminal Code ("Fraud" and "Misappropriation or embezzlement"). Kharin asked the FSB to check the information and, if there are grounds, to initiate a criminal case.

https://www.rbc.ru/business/28/01/2021/601044959a79470fb58464ff

Rusty,
when you produce something and don’t sell it, it becomes inventory. This is valued at cost of production for the holder, but really is worth what you can sell it for (less transport).

Yes, and also around 2000 excess employees.

Rusty,

the difference between production and sales is 150k Tonnes @ roughly $165/t

Petropavlovsk CEO Aleksandrov will directly head the group's mines
Gold miner Petropavlovsk has appointed its CEO Denis Alexandrov as general director of the Malomyr and Albyn subsidiaries, a source close to the company told Interfax.

Aleksandrov was also appointed executive director of the Pokrovsky mine. He is expected to take the CEO post after a shareholders' meeting in mid-February. At the moment, Sergei Ermolenko, now the former head of the Petropavlovsk Management Company, remains the general director of the Pokrovsky mine. A source told Interfax that Yermolenko has already signed a letter of resignation with execution on the day of the meeting.

For the Albynsky mine, the changes have already been reflected in the Unified State Register of Legal Entities. The general director of the Malomyr mine is Anatoly Kochubei, who has been holding this position for a long time.

In mid-January, Petropavlovsk said that, in his opinion, the holding's management had managed to restore interaction with the team after a confrontation that had lasted for several months.

Petropavlovsk conducts industrial development of gold deposits in the Amur Region and closes the top three of Russian gold miners. The largest shareholder of Petropavlovsk with a share of about 24% is UGK, which is controlled by the family of Konstantin Strukov.

Moscow. January 29. INTERFAX.RU. The publication is for informational purposes only. Link to the source .
January 29, 2021 17:00Share this
Limitation of Liability

And we just had IRC a cash strapped part - sub invest $25m in stock.

Pavel's court case happens in 25 day's

To change the narrative

Yes but they seem to believe that building stock during a worldwide iron ore shortage is a good idea. Sell it, sell it all, every single tonne of it, as fast as they can. Send it by train to a Russian port, put it on a ship, sail that ship to a very close Chinese port and sell that ship load in the spot market. They are close to the biggest spot market port in China. Do not (not) build any inventory during a price boom. Are they idiots ?

They keep harping on about $5/t of cost savings due to this never completed bridge, and are ignoring a price increase of $100/t which is a once in a decade opportunity.

IRC make $15m cash in Q4, and build inventory ? I think they need new management and sales team.