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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”...
The latter is from $850-$950, with first half such costs reduced to $841/oz and production enabled gold sales to be increased by 12% on the first half of 2018 to more than 225,000 ounces, with net debt decreased by 2% to $557 million. This is all with its ramping-up Pressure Oxidation Hub “one of only two POX Hubs in Russia equipped to process the abundant refractory ores in the country… is now positioned to capitalise on higher gold prices and enhance cash generation”.
It notes “the strengthening of the balance sheet through efficient operations and cost control is a key strategic priority” – and adds “with IRC (it a 31.1% shareholder in this Hong-Kong-listed producer and developer of industrial commodities) in a stronger position given the ongoing ramp up at the K&S plant and restructured debt repayment schedule, we are actively seeking to reduce of our ownership of IRC and are considering a range of potential options, in discussion with Gazprombank with respect to the share retention agreement”.
We consider this and further financial progress as the company particularly further benefits from the POX Hub capability should see the shares further advance from a current still sub 10p, capitalising the company at circa £330 million. We continue to suggest a comfortably above mid-teens price will prove justifiable and reiterate our stance; buy.
This article first appeared on the N50 website which Tom Winnifrith runs with Steve Moore & Lucian Miers. To access the website ahead of the next share tip from Tom & Steve and a new shorting piece from Lucian this week click HERE
Filed under: Petropavlovsk, Lucian Miers, BCA Marketplace, Bearcast, Neil Woodford, N50 website
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