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EastRussia Bulletin: Petropavlovsk Group in 2017g Increases Reserves and Resources - EastRussia | Far East

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EastRussia Bulletin: The Petropavlovsk Group in 2017g increased reserves and resources

EastRussia Bulletin: The Petropavlovsk Group in 2017g increased reserves and resources
Photo: EastRussia
The leading gold mining in the Amur Region, Petropavlovsk Group, by the end of 2017, has increased its gold reserves by 670 thousand ounces, according to the next published issue of the EastRussia bulletin. The company's resources increased by 6% (1,17 million ounces).

Significant increase in reserves and resources was due to successful geological exploration work in the fields of the Pioneer field (Nikolaevskaya and Katherine) and Albin (Elginskoye and Unglychikan). As a result, the company's reserves at 1 January 2018 amounted to 8,15 million ounces of gold, resources - 20,86 million ounces. In 2018, Petropavlovsk plans to invest $ 16 million in geological exploration.

In the meantime, the members of the board of directors of the Asia-Pacific Bank (ATB) decided to withdraw from the company's authorized capital. The bank sold its stake in the company, which as of 27 December 2017 was 9,11%. Previously, for this stake, ATB made an option with the Cyprus company Vailaski Holding Ltd, which represents the interests of the founders of Petropavlovsk P. Maslovsky, P. Hambro and A. Vdovin. However, at the end of 2017, the founders of the company did not buy the package. As a result, ATB intends to sell its shares to third-party buyers.

A detailed analysis of this and other relevant topics can be found in the weekly bulletin EastRussia (https://www.eastrussia.ru/subscribe/).