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20 Jan 2021 | 09:00

Petropavlovsk issues with senior staff 'improve markedly'

(Sharecast News) - Petropavlovsk said on Wednesday that its mines were still operating as normal, despite the "significant" ongoing challenges presented by the Covid-19 pandemic . The FTSE 250 company had said in its interim results in October that it was facing a "lack of cooperation" from a "small group" of senior employees and ongoing related legal hearings in Russia.

It said on Wednesday that those matters had "improved markedly" in recent weeks, with cooperation restored, and a further update to be provided in its annual results.

"The company notes that on 24 December the former chief executive, Pavel Maslovskiy, was reported to have been arrested in Russia on a charge of embezzlement related to a real estate transaction in 2018," the board said in its statement.

"The proceedings will be monitored and, to the extent that they impact on or involve the group, we will update the market accordingly."

Petropavlovsk said it would release its fourth quarter and 2020 full year sales and production report on 26 January, with the production and capital expenditure outlook for 2021 and the release date for its annual results to be announced separately.

At 0850 GMT, shares in Petropavlovsk were up 2.01% at 31.98p.
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