Petropavlovsk management restructuring under way
A full management restructuring is under way at Russia-focused gold miner Petropavlovsk to address management oversight and talent gaps within the existing structure, the London-listed company said on Wednesday.
Petropavlovsk was plunged into corporate turmoil last year when rival Russian miner UCG and a group of other investors ousted half the company’s board, including cofounder Pavel Maslovskiy.
A new management team took over in January, following the appointment of Denis Alexadrov as CEO in December.
Petropavlovsk said that a new COO, deputy CEO for corporate development and heads of HD and administration, procurement and logistics, communications, capital construction and investment projects, business transformation, regional affairs and legal affairs would be joining the company.
The management restructure would be completed at the end of the second quarter and a new corporate development strategy would be delivered by the third quarter, followed by a dividend policy.
The miner also provided its 2021 outlook and guidance for the year, with gold output pegged at between 430 000 oz and 470 000 oz, comprising own gold production of 370 000 oz to 390 000 oz and third-party production of 60 000 oz to 80 000 oz.
The guidance for this year is substantially lower than the 548 100 oz that were produced in 2020.
The capital expenditure (capex) guidance for 2021 is $140-million, comprising sustaining and development capex of $120-million and exploration spend of $20-million. This compares with capex of $118-million in 2020.
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