PETROPAVLOVSK
15 October 2014
Dr. Pavel Maslovskiy retires as a Senator and is free to re-join the Board of Petropavlovsk PLC
Petropavlovsk PLC ("Petropavlovsk", the "Company" or, together with its subsidiaries, the "Group") is pleased to note that, following the acceptance of his retirement as a Member of the Federation Council (Upper House of the Russian Parliament), Dr Pavel Maslovskiy has indicated that he will be available to re-join the Board of Directors and the executive management team at Petropavlovsk PLC with effect from 15 October 2014.
It is intended that Board approval will be sought at a meeting of the Board of Directors on 21 October 2014 and that, if approved, Dr Maslovskiy will re-join the Board as Chief Executive Officer shortly thereafter. Mr Sergey Ermolenko, presently Chief Executive Officer, will revert to his original role as General Director of Management Company Petropavlovsk.
Dr Maslovskiy and Peter Hambro, the Chairman, were the founders of the Group in 1994.
Commenting on the news, Peter Hambro, Chairman, said:
"It is now more than 20 years since Pavel and I set out on the road to build a major mining company in the Far East of Russia. Until he became a Senator, Pavel was responsible not only for all the planning and operational aspects of our very substantial Group but also for working with the local and federal administration to build a modern, environmentally and socially responsible business. His efforts allowed us to build a Group that has so far produced more than 5 million ounces of gold.
"Pavel's return to Petropavlovsk could not be more timely because of the challenges the Company currently faces in connection with the imminent repayment date of its US$310.5 million convertible bonds. I welcome the fact that, when the formalities are complete, he and I can, once again, work together to finalise the Group's refinancing.
"I would like to take this opportunity to thank Mr Sergey Ermolenko for his hard work and dedication in leading the Group as CEO since 2011. "
Commenting on the news Dr. Pavel Maslovskiy said:
"My experience of working in the Amur Region influenced my decision to become a Senator almost three years ago. I realised that I could be instrumental in facilitating growth in the Russian Far East and, during my Senatorial period, a number of Government initiatives were implemented that have allowed the continuing development of the Amur Region and attracted investments from the Asian-Pacific bloc.
"My time as a Senator has been both interesting and fruitful for the area that I represented.
"Mining companies around the world are all facing pressures from lower commodity prices. Petropavlovsk has made great strides in cutting costs and, even more so, in its prompt response to the changed circumstances of the gold market. I am glad that it has now reached a point where the expected reduction in its mining cost-per-ounce will improve its potential as a cash generator.
"Petropavlovsk needs to come to a holistic agreement with its lenders, its bondholders and its shareholders to refinance the Company and I look forward once again to being part of the team as it seeks to achieve this ."
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Forward-looking statements
This release may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this release and include, but are not limited to, statements regarding the Group's intentions, beliefs or current expectations concerning, among other things, the Group's results of operations, financial position, liquidity, prospects, growth, strategies and expectations of the industry.
By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Forward-looking statements are not guarantees of future performance and the development of the markets and the industry in which the Group operates may differ materially from those described in, or suggested by, any forward-looking statements contained in this release. In addition, even if the development of the markets and the industry in which the Group operates are consistent with the forward-looking statements contained in this release, those developments may not be indicative of developments in subsequent periods. A number of factors could cause developments to differ materially from those expressed or implied by the forward-looking statements including, without limitation, general economic and business conditions, industry trends, competition, commodity prices, changes in law or regulation, currency fluctuations (including the US dollar and Rouble), the Group's ability to recover its reserves or develop new reserves, changes in its business strategy, political and economic uncertainty. Save as required by the Listing and Disclosure and Transparency Rules, the Company is under no obligation to update the information contained in this release.
Past performance cannot be relied on as a guide to future performance.
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