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Petropavlovsk founder and chief executive Pavel Maslovskiy resigns

It's the second high profile departure from the Board in the space of a few weeks

Maslovskiy
Maslovskiy, left, and Hambro

Pavel Maslovskiy, the man who founded Petropavlovsk alongside recently departed former chairman Peter Hambro, has resigned as chief executive.

His departure is immediate, and the company has said it will seek to appoint a new chief executive as soon as possible.

It comes during a turbulent time for Petropavlovsk, following the sometimes bitter battle over the role of Peter Hambro, who was ousted at the company’s AGM a couple of weeks ago.

Hambro and Maslovskiy were known to be close.

READ: Petropavlovsk appoints new chairman and senior independent director following Hambro's departure

The legacy they leave looks in reasonable shape, as the company also put out half year numbers for the period to June 2017.

Petropavlovsk PLC (LON:POG) increased gold production by 19% year-on-year during the first half of 2017, to 232,400 ounces.

During the corresponding period in 2016 the company produced 195,600 ounces.

It means that Petropavlovsk is on track to hit its full year guidance of between 420,000 and 460,000 ounces of gold.

The company also noted a 5% increase in average realised gold price to US$1,255 per ounce during the period, as against US$1,194 during the first half of 2016.

As at 30 June 2017, Petropavlovsk had outstanding hedging contracts for 500,000 ounces of gold at an average price of US$1,252/oz

Meanwhile, net debt fell slightly to US$570 mln, down from US$599 mln as at December 2016.

 

Quick facts: Petropavlovsk PLC

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