Tom Winnifrith Bearcast: ShareSoc to ask if the Pope is a Catholic, Chatting to Union Jack's Bramhill & another old geezer
Fulham Shore – surely it should be for the reader to decide if a standard update is of ‘particular relevance’!
A few readers have been asking about Russian gold miner, fully-listed Petropavlovsk (POG). As the dust starts to settle after the latest round of corporate shenanigans, there are enough signs for me to give this outfit a very wide berth...
Petropavlovsk (POG) has updated on the final quarter and full-year 2019 and that it is “confident the company can significantly increase production to between 620koz to 720koz in the coming year, including treatment of third-party concentrates”…
Petropavlovsk (POG) has updated on increased gold sales (to 126.4koz) and average realised gold price (to $1,388/oz) in the third quarter, with CEO Dr Pavel Maslovskiy emphasising “the smooth ramp-up has continued at the POX Hub where we have now successfully commenced treating third party concentrates during the quarter”…
Petropavlovsk (POG) has announced results for the first half of 2019 including that it “remains on track to meet its full-year target of c.450koz - 500koz of gold sales (including the processing of 2018 Malomir stockpiles but excluding upside from third-party concentrate purchases)”, with also “the confidence to decrease total cash cost guidance for the full year to US$750 - US$850/oz”…
A “2019 Half Year Trading Update” followed by “Heavy Rainfall Event at the Malomir Mine” announcements from Petropavlovsk (POG)…
Petropavlovsk (POG) has announced a “Convertible bond offering and repurchase” – with net proceeds to be used to advance construction of a new flotation facility at the company's Pioneer mine…
Petropavlovsk (POG) has announced “it has received the Rouble equivalent of approximately US$57 million as full repayment of the two bridge loans advanced by Petropavlovsk to IRC during 2018”…
Following General Meeting approval last week, Petropavlovsk (POG) “is pleased to announce that the refinancing of the outstanding Industrial and Commercial Bank of China Ltd loan has been completed following an initial drawdown on a new US$240 million facility with JSC Gazprombank by the Kimkano-Sutarsky Mining and Beneficiation Plant LLC, a wholly owned subsidiary of IRC Limited”…
A 19th December update from Petropavlovsk (POG) included “the bridge loan will be repaid to Petropavlovsk upon full completion of the new facility which is expected to be in late February 2019”. There’s now an “Update on Temporary Bridge Loan to IRC” announcement…
Petropavlovsk (POG) has updated including “total gold production for 2018 was 422.3Koz… the group is targeting FY 2019 gold production of 450 - 500Koz”, with it “very proud to report the successful commissioning of our cornerstone project, the Pokrovskiy Pressure Oxidation plant”…
Petropavlovsk (POG) has updated that the first stage of its plan to reduce its guarantee for 31.1% owned IRC Limited is completed and that “with the twin events of concluding the restructuring of the IRC Facility, and with the successful ongoing ramp up of Petropavlovsk's Pressure Oxidation Hub, the company is poised to generate returns for its stakeholders in 2019 and beyond”…
Petropavlovsk (POG) has announced the initial processing of refractory concentrate at its pressure oxidation (‘POX’) hub – emphasising this “marks a significant moment in the company's history, as we begin to process our refractory ore via the newest and most technologically advanced POX processing facility in Russia, a month ahead of schedule”…
An update from Petropavlovsk (POG) as it progresses POX Hub commissioning and IRC Limited progresses refinancing…
Petropavlovsk (POG) has announced results for the first half of 2018, which it notes “show the effect of the disruptions to the operations caused by the management hiatus in H1” but the recently returned management emphasise that “we can already report significant progress”…
The recently returned management at Petropavlovsk (POG) are “pleased to have made significant progress” with one of their “key objectives” - “to achieve a solution to remove the company's guarantee of IRC's borrowings”…
Petropavlovsk (POG) is a stock we banked small gains on last year after finding ourselves on the losing side of a boardroom battle, though noting we still believed the fundamentals remained attractive. The share price is not greatly changed – but the former management is now back and so…
Last year an EGM at Petropavlovsk (POG) saw the dodgy Russians win, Hambro et al out. Today an announcement of a Potential Shareholder Requisition…
Rather as in the general election we found ourselves on the losing side at the Petropavlsovsk (POG) EGM. Peter Hambro and all bar two of the old board are out and nominees of the dodgy Russian shareholders are in. How should one view this?
Petropavlovsk (POG) Chief Executive Pavel Maslovskiy is “delighted to report a strong set of exploration results, which are encouraging at all levels including target generation, and to update you on our progress during 2017.”
As a regular reader of the Russian publication Kommersant I bring you an article on Petropavlovsk (POG). Forgive the poor translation but the meaning is clear. If this article is correct, it is clear that those trying to oust the board are working in concert as part of a far wider plan or corporate activity. That is one reason we have voted FIML's shares in favour of the board and against the very dodgy rebels and urge you all to do the same. Surely this is something that the Takeover panel should be investigating as a matter of urgency?
Petropavlovsk (POG) has updated on the attempted boardroom coup – including on its process to appoint an independent Non-Executive Chairman, a further independent Non-Executive director and opposition to the requisitioning shareholder nominees.
Petropavlovsk (POG) has announced that it has received notification that three shareholders will vote against the re-election of all five existing directors and attempt to insert four new chaps at the forthcoming EGM. The shareholders all got their holding via the debt for equity swap and so are well in the money and are Renova Asset Holding Limited, Sothic Capital European Opportunities Master Fund Limited and M&G Debt Opportunities Fund II Limited.
Petropavlovsk (POG) has announced first quarter of 2017 production results supporting a level of production towards the top end of the 2017 forecast of 420,000-460,000 ounces of gold…
London main-market listed, gold miner in Russia Petropavlovsk (POG) has announced results for the 2016 calendar year, emphasising a return to profitability and a refinancing of bank debt - enabling it not to have to divest part of the value in its core organic growth development project, the POX Hub…
In this video from the storming success that was the 2017 UK Investor Show, Peter Hambro, Chairman of Petropavlovsk (POG), is at the podium. And make sure that you keep April 21 2018 free for next year's UK Investor Show.
Petropavlovsk (POG) has updated on its pressure oxidation hub development, with construction activities having fully resumed following bank debt refinancing.
Petropavlovsk (POG) has updated on 2016 production in-line with its revised guidance (just) – and that it expects better in a 2017 year which should also see some transformative development. Good news, it is about time too.
Petropavlovsk (POG) has announced results of its adverse weather-induced (are you reading Al Gore?) impact assessment at Andreevskaya East – with both negative and positive outcomes.
An easing of debt risk for Petropavlovsk (POG) has moved a significant step closer – with it announced that the company has received approvals for the refinancing of its entire bank debt of $529.8 million from its lending banks, Sberbank and VTB.
As a climate change "denier" I have written elsewhere about how global temperatures are plunging not, as the BBC might lead you to believe, heading higher. You can see a recent article on that matter HERE. And thus Petropavlovsk (POG) serves up news from Russia which does not surprise me, but which might shock your average Guardian reader.
Updating last month on Petropavlovsk (POG), we noted debt risk but reassurance that “key terms have been agreed in principle for the rebalancing of the group’s debt maturities with its production profile”. The company has now further updated – including that it“expects to be in a position to confirm details of the refinancing shortly”.
Half-year results from Petropavlovsk (POG) emphasise a return to profitability, though also reiterate that for the full year “expectations to be at the lower end of our original guidance of c.460,000-500,000oz” and net debt of $598 million.
Most gold shares have soared over the past few months. Petropavlovsk (POG) shares, which we own, have not. At C7p we are ahead of our tip but not by much. It is disappointing and we apologise. But we have not lost faith. There are reasons for the lacklustre showing which came through in a first half trading statement and in a long chat with CEO Pavel Maslovskiy and chairman Peter Hambro.
Petropavlovsk (POG) has welcomed latest news from its Hong Kong-listed associate company, IRC, as “a significant step forward in bringing K&S into full commercial production during Q3 2016”.
We own shares in Petropavlovsk (POG) and wont be selling at anything like the current share price. Our target to sell is 19p. I hope this presentation from the head honcho Peter Hambro explains why we are able to be so bullish.
There’s been news aplenty from Petropavlovsk (POG) in recent days and the bull case remains very much intact.
In anticipation of the UK Investor Show this Saturday, where I am speaking on both the main stage and in a breakout session, Tom has asked me what is my all-time favourite UK gold stock is, and I have to admit I was a bit pressed for choice so I have decided to cheat a little and give you my top 3.
Having last week noted the conditional granting of finance facility waivers including for obligations for Petropavlovsk (POG) to comply with certain financial covenants, the company has now highlighted a further update from its Hong Kong-listed associate, IRC.
Petropavlovsk(POG) has highlighted an announcement from Hong Kong-listed associate company IRC that waivers in respect of IRC's project finance facility with ICBC have been conditionally granted – including for obligations for Petropavlovsk to comply with certain financial covenants.
All broker research is meaningless gibberish and so with that caveat I bring you - flagging that we own the shares - because it is quite interesting a stance & target price upgrade from last week from Bank of America on Petropavlovsk (POG)
Petropavlovsk (POG) has updated on its fourth quarter and full-year 2015 performance and what its strategy, “focused on the group deleveraging and on cash cost optimisation”, means for 2016.
Petropavlovsk (POG) has notified UK Investors of a further announcement from IRC Ltd, the Hong Kong-listed industrial commodities company in which it is a significant shareholder.
You have, by now, read my macro calls for 2016 which you may or may not have dismissed as complete mumbo jumbo but I hope they make sense. You will see that I expect the gold price to pick up during the next 12 months. Not to rocket but to improve and that makes Petropavlovsk (POG) at a 6.7p offer a very obvious first tip of the year.
If you want me to analyse a stock for you just drop me a line at email@example.com - Today I look at shares in Netplay (NPT) Petropavlovsk POG) and Plus500 (PLUS) and set share price targets for all three stocks.
We own shares in this one so I popped along to hear Peter Hambro of Petropavlovsk (POG) present in person. The Sunday Times reports that today some Russian has built a 20% stake and might bid. I hope not as I see these shares at 19p within three years - they are 6.4p today and a buy.
John Meyer of SP Angel this morning comments on AngloGold Ashanti (ANG), Horizonte Minerals (HZM) & Petropavlovsk (POG) as well as offering a detailed macro view on the news that is shaping global mining and the AIM mining pond.
If you want me to analyse a stock for you just drop me a line at firstname.lastname@example.org - Today I look at shares of Avon Rubber, Petropavlovsk, Hochschild Mining and offer some share price targets for all three stocks.
Petropavlovsk (POG) has updated that it “successfully achieved its Q3 production levels” and “is confidently following its repayment schedule and expects to stay within its financial covenants at the year-end results” - good news!
John Meyer of SP Angel this morning comments on Aureus Mining (AUE), Petropavlovsk (POG), Shanta Gold (SHG) Sirius Minerals (SXX), SolGold (SOLG), Stratex international (STI) & Vedanta Resources (VED) as well as offering a detailed macro view on the news that is shaping global mining and the AIM mining pond.
Investment Case: As noted last month with Berkeley Energy, it is not a surprise to see eye-watering share price declines over previous years for stocks with sector: “Mining”. Shares in *Petropavlovsk plc, formerly Peter Hambro Mining, (POG) have particularly suffered – they down from more than 400p at the commencement of 2011 and more than 100p at the commencement of 2013 to a current 6.47p offer price – amidst a combination of sector-wide and company-specific challenges, the latter including a vast debt pile. However, a recent refinancing and refocusing – with production now being optimised from a cash generation point of view – now offer the promise of a decent recovery from current levels and the shares are a buy…the target price to sell is 19p within three years.
John Meyer of SP Angel this morning comments on Asiamet (ARS), Central Rand Gold (CRND), Condor Gold (CNR), Gem Diamonds (GEMD), Glencore (GLEN), International Ferro Metals (IFL), Metal Tiger (MTR), North River Resources (NRRP), Petropavlovsk (POG) & Premier African Minerals (PREM) as well as offering a detailed macro view on the news that is shaping global mining and the AIM mining pond.
If you want me to analyse a stock for you just drop me a line at email@example.com - Today I look at the shares of Arrow Global (ARW), Optimal Payments (OPAY), Petropavlovsk (POG) and offer some share price targets.
Broker SP Angel has slashed its forecasts for gold miner Petropavlovsk (POG) citing lower gold prices and output predictions. But with the shares at 5.5p it still sees 40% upside wth a 7.7p target price (down from 11p). The broker note is detailed.
I am generally speaking a gold bug, I believe gold will go higher, the long term fundamentals support that, but whether gold goes higher this year or 5 years from now, I don’t know. The reality is the market forecasts for gold are between 1000/oz., and 5000/oz., anytime within the next 5 years. To quote Mr. Keynes, “the market can remain irrational for longer than you can remain solvent”. Based on that I prefer producers with solid margins, and solid management that are undervalued based on fundamentals. I believe Petropavlovsk (POG) to be in that category.
Bombed-out former gold mining star Petropavlovsk (POG) is cutting costs at its mines in Far East Russia’s Amur region and paying off debts as it maintains its drive to cut costs, boost efficiency and curb expenditure. The fully-listed company, whose shares collapsed from more than £13 five years ago to 2.17p within the past 12 months before bouncing to 6.57p now, says half-year figures will show it is on track to cut its average cash costs, before financing, from $700 (£450) an ounce to $600, against a current depressed $1,093.48c market price.
If you want me to analyse a stock for you just drop me a line at firstname.lastname@example.org - Today I look at Exova (EXO), Infrastructure India (IIP), Petropavlovsk (POG)
And now for something a little different from UK Investor Show, a video of a face to face interview by mining guru Amanda Van Dyke with Peter Hambro of Petropavlovsk (POG)
I have bashed Peter Hambro of Petropavlovsk (POG) over the years but all credit to the man in that he appeared on the main stage at UK Investor to take questions and stand up to me. Respect! Enjoy.
I have given Peter Hambro and Petropavlovsk (POG) some almighty stick over the years and been proved right. Now Peter reckons it is time to hit back so he and I will debate on the main stage at UK Investor show in a quick fire 10 minute Vinnik vs Santos head to head.
City grandee Sir Peter Hambro is quoted in today's Daily Mail, bleating about how prvate investors in Petropavlovsk (POG) hate him and might allow his POS company to go into administration. Good. I hope they do. I view Mr Hambro and his company with contempt. He is a rich man and shareholders have lost up to 98% of their cash. But Eton educated Hambro just does not get this becuase he thinks he is better than we peasants. I also look at the crony capitalist knees up starting at Indaba. Jeepers these folk all make me so angry for how they abuse ordinary private investors.
If you are bullish on gold prices in the near future and like risk then Petropavlovsk (POG) is well worth a look. This is by no means a safe bet, and if you’re not prepared for the remote possibility of losing the lot then this certainly isn’t for you – but then the same can be said of many companies!
Petropavlovsk (POG), otherwise known as the “POG Dog” has certainly lived up to its name in the recent past in terms of disappointing Gold bugs looking for the big recovery in the asset class of the related equities since the end of 2011.
You would have thought that even being able to spell or say Petropavlovsk (POG) would give a trader some right to make money here. Er…no.
Despite news of a disposal for this overborrowed company today, shares in Petropavlovsk (POG) have fallen back towards year lows and trade at 74.75p. I would be a trading buyer.
As we have all seen in recent days the whole premise of the bull argument in Gold has been shot to pieces- inflation, store of value and sovereign debt risk. It may revive, but for a store of value you would have been best off buying a flat in Hackney in 2008 and renting it out than going for the yellow metal. So where does all this leave plays like Gold miner Petropavlovsk?
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