Russia: Petropavlovsk concludes forward contract with Gazprombank

The gold-extracting company Petropavlovsk has concluded an agreement with Gazprombank for the delivery of 96 thousand ounces of gold. The deliveries will be prepaid. “This forward contract with Gazprombank provides us with much flexibility in working capital management”, Petropavlovsk finances director Andrei Maruta noted. As of late 2017 Petropavlovsk had forward contracts for the delivery…

Russia: Petropavlovsk net profit up in 2017

In 2017 Petropavlovsk Plc received the net profit of $41.5 million, up by 30.9% YoY. According to the company statement, its revenue grew by 8.6%, to $587.4 million, while EBITDA dropped by 1.6%, to $196.8 million. Petropavlovsk is one of the 5 largest gold producers in Russia. Its main assets are in Amur region, where…

Russia: Orotukan Alluvial Company to get 300 kg of gold in 2018

This year the Orotukan Alluvial Company LLC intends to obtain 300 kg of alluvial gold.

According to the company statement, the sand-washing season will start on May 1.

Last year the company obtained 296.6 kg of gold.

The company owns 11 licenses for alluvial gold sites in the Magadan region. (Ukrainian metal)

Russia: Zabaykalye to introduce patents for gold extraction

Zabaykalye region intends to implement a pilot project of granting individual entrepreneurs patents to extract gold at lesser deposits and alluvial sites.

The project will solve the problem of illegal extraction of gold in the region.

The entrepreneurs will be given small sites, rejected by major companies. (Ukrainian metal)

Russia: Natalka to yield 5 tons of gold

Mine named after Matrosov, a part of Polyus, plans this year to mine 5 tons of gold at the Natalkinskoye deposits in Magadan region. When the project reaches its full capacity, the output will total 12 tons per year. Together with other enterprises, Natalka could bring the combines gold output of the region to 40…