Petropavlovsk plc

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Petropavlovsk plc
Public company (LSEPOG)
ISINGB0031544546 Edit this on Wikidata
IndustryGold mining
FounderPavel Maslovsky Edit this on Wikidata
HeadquartersListed in London, England. Operates in Russia
Key people
Sir Roderic Lyne (Chairman)
Dr Pavel Maslovskiy (Executive Director and CEO)
Mr Robert Jenkins (Non-Executive Director)
RevenueUS $499.8 million (2018)[1]
US $126.6 million (2018)[1]
US $25.9 million (2018)[1]
SubsidiariesIRC Limited

Petropavlovsk plc (LSEPOG) (formerly Peter Hambro Mining plc) is a London-based gold mining company with operations in Russia. The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.


The Group was founded by Peter Hambro and Pavel Maslovskiy in 1994 as an Anglo-Russian venture to develop a highly-prospective, under-developed gold project in the Amur region, Russian far east.[2]

In 2002, the Company was first listed on the Alternative Investment Market.[3] Peter Hambro Mining fully acquired Aricom, a business formed by Peter Hambro and Pavel Maslovskiy and operating in the Amur Region, in April 2009.[4] It was also first fully listed on the London Stock Exchange in April 2009.[5]

In September 2009, the company changed its name from Peter Hambro Mining plc to Petropavlovsk plc, retaining the POG stock exchange code, in order to reinforce its Russian focus.[6]

In October 2010, the company floated its non-precious metals division (the assets previously held by Aricom plc) on the Stock Exchange of Hong Kong as IRC Ltd.[7]

In 2017, founder Peter Hambro stepped down as chairman of the company and Pavel Maslovskiy resigned after pressure from a group of shareholders led by Viktor Vekselberg.[8] However, following a vote taken at the company’s annual general meeting on 29 June 2018, it was announced that Pavel Maslovskiy would return to the board of Petropavlovsk along with Sir Roderic Lyne and Robert Jenkins. Kenges Rakishev, the largest shareholder with 22% of the shares in the company, supported the vote and the move to appoint the new directors.[9][10]



The Group's principal assets are four hard-rock gold mines in the Amur region, Russian far east:[11]


Pioneer is the Group’s largest mine and one of the largest gold mines in the Russian far east. The Group acquired a licence to explore, develop and mine the Pioneer deposit in 2001. The mine was commissioned in April 2008 with the installation of a 0.7Mtpa milling line. Since then, the plant has undergone further expansion to reach the current capacity of 6.6Mtpa. The mine still remains highly prospective as new licence areas surrounding the original mine site are still being explored.[12]


Pokrovskiy is an open-pit gold mine located in the western part of the Amur region, approximately 10 km from the nearest station on the Trans-Siberian Railway and 35 km from Pioneer. It is one of the largest producing gold mines in the Amur region in terms of annual production. The Group acquired the licence to explore, develop and mine the Pokrovskiy deposit in 1994, when it was still at a very early stage of development. The mine became operational five years later in 1999 when heap-leaching facilities were added. The RIP processing plant was commissioned in 2002 and subsequently expanded to its current capacity of 1.7Mtpa in 2004. To date, the Pokrovskiy mine has produced over 1.6Moz of gold. The mine is the site of the Group's pressure oxidation ("POX") processing hub.[13]


Malomir is the Group's first large-scale mine located in the north-east of the Amur region. Acquired in 2003 as a greenfield site, Malomir was commissioned on target in 2010 and the plant was expanded in July 2010, despite the project's remote location in the north-east Amur region.[14]


The Albyn licence area was acquired in 2005 as a greenfield site and was commissioned on target in November 2011.[15] Albyn remains one of the Group’s most prospective projects, with exploration continuing to yield positive results.[16]


In 2007, the Group established a training college close to the Pokrovskiy mine. The College is certified to offer training in more than 40 mining professions.[17]


  1. ^ a b c "Annual Results 2018" (PDF). Petropavlovsk plc. Retrieved 6 March 2020.
  2. ^ "Peter Hambro returns to Russian gold miner Petropavlovsk". 27 September 2018. Retrieved 6 March 2020.
  3. ^ "Peter Hambro Mining takes Aim". Growth Company. 26 April 2002. Retrieved 6 March 2020.
  4. ^ Crust, Julie (22 April 2009). "Peter Hambro moves to LSE main market". Reuters. Retrieved 23 April 2009.
  5. ^ "Hambro to raise $79 million, sees offer for Aricom". Reuters. 5 February 2009. Retrieved 6 March 2020.
  6. ^ "Peter Hambro Mining changes name to Petropavlovsk". Metal Bulletin. Retrieved 6 March 2020.
  7. ^ "Petropavlovsk plans non-precious metals IPO for Oct". Mineweb. Retrieved 13 September 2010.
  8. ^ "Peter Hambro to step down as Petropavlovsk chairman". Financial Times. Retrieved 16 July 2018.
  9. ^ "Ex-Petropavlovsk boss set to return to Russian gold miner". Financial Times. Retrieved 16 July 2018.
  10. ^ "Petropavlovsk turns up the heat on biggest shareholder Rakishev". Reuters. 31 May 2018. Retrieved 20 January 2019.
  11. ^ "Petropavlovsk PLC". Kenes (Kenges) Rakishev Official Website. Retrieved 20 January 2019.
  12. ^ Pioneer mine drives Petropavlovsk Archived 24 September 2015 at the Wayback Machine Investors Chronicle, 9 September 2011
  13. ^ "Petropavlovsk nears first gold production at POX plant". International Mining. 27 November 2018. Retrieved 6 March 2020.
  14. ^ "Profits soar at Peter Hambro". 27 August 2009. Retrieved 6 March 2020.
  15. ^ "В пятницу начал работу горно-гидрометаллургический комбинат «Албын»". Retrieved 6 March 2020.
  16. ^ Gold miner Petropavlovsk lifts production target, while WH Smith sees sales improvement The Guardian
  17. ^ "ЧНПОУ "Покровский горный колледж" - Главная страница". Retrieved 6 March 2020.