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EastRussia: New shareholder will not affect Petropavlovsk strategy yet - EastRussia | Far East

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EastRussia Bulletin: The new shareholder will not affect the strategy of Petropavlovsk

EastRussia Bulletin: The new shareholder will not affect the strategy of Petropavlovsk
Photo: EastRussia
The structure of the share capital of Petropavlovsk has changed, Renova Group of Companies V.Vekselberg has sold a stake in the gold mining company (22,42% of shares and 6,83% of votes in convertible bonds with redemption in 2020) Cypriot Fincraft Holdings Ltd (its sole shareholder is Kazakhstan businessman K. Rakishev ), says the new published issue of the EastRussia bulletin.

In "Renova" confirmed the sale, but the details of the deal have not yet been disclosed. The value of 22,42% of shares on the London Stock Exchange in late December was about $ 76 million.

As noted, since 2015 year "Renova", increasing investment in Petropavlovsk, on the contrary, has sought to increase control over this gold miner. Recall that in the summer of 2017 "Renova" achieved re-election of the company's board of directors, removing its founders P. Hambro and P. Maslovsky. At the same time, there is still no new strategy for Petropavlovsk. According to the strategy approved by the previous management, it is planned to complete the construction of the autoclave leach complex at the Pokrovsky mine (Amurskaya Oblast) and to process the reserves of the stubborn ore from different assets of the company. Industry experts suggest that it is too early to talk about major changes in Petropavlovsk's strategy in connection with the arrival of a new shareholder, given that the acquired package is not a control.

Previously, the possible merger of Petropavlovsk with the "Gold of Kamchatka" of the same V. Vekselberg was also discussed. Nevertheless, negotiations began in autumn to sell "Gold of Kamchatka" to GV Gold (PJSC "Vysochaishy"), which seeks to increase its assets, without participating in this deal, Petropavlovsk. Thus, Vekselberg's strategic interests in the gold mining industry are becoming less certain. But the further development of Petropavlovsk is not entirely clear either.

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