LONDON – Rebel shareholders look to have ousted the leadership at Petropavlovsk as the bitter battle for gold mines in Russia’s far east took another twist.

Kazakh cryptocurrency tycoon Kenes Rakishev, who controls a 22% stake, and the company’s co-founder Peter Hambro were among investors who sought to sack members of the existing board at a shareholder meeting in London on Friday. They voted to bring back former CEO Pavel Maslovskiy and directors Roderic Lyne and Robert Jenkins.

“A preliminary assessment of the votes cast indicates that it is likely that Dr Pavel Maslovskiy, Sir Roderic Lyne and Mr Robert Jenkins will be appointed as directors of the company,” Petropavlovsk said in a statement on Friday. Five directors, including chairman Ian Ashby, won’t be reappointed, the gold producer said, adding that the final result would be announced in due course.

The battle for control of Petropavlovsk commenced in early May when two mystery shareholders, holding 9.1% of Petropavlovsk, said they wanted to replace the entire board. Petropavlovsk, backed by investors such as D.E. Shaw and Sothic Capital Management LLP, branded the challenge a stealth takeover and said the rebels were seeking to reinstate board members who oversaw the company’s decline from a $3-billion miner a decade ago to a penny stock.

Calls to Petropavlovsk in London weren’t immediately answered.

Petropavlovsk has cut gold output to focus on more profitable ounces, and in 2017 reported the highest net income in five years. The company, started by Maslovskiy and banking heir Hambro, is also building a new plant that could allow more complicated ores to be processed.

The new project has sparked interest in recent weeks from rival Russian miner Polymetal International, after Petropavlovsk hired Lazard to advise on its strategic options. The company said it rejected a non-binding offer for the pressure oxidation facility.

This time last year, shareholders forced Hambro and other directors out, while Maslovskiy resigned soon after. That coup was led by Russian billionaire Viktor Vekselberg. He has since sold his stake to Rakishev, while M&G Investment Management Ltd., which also supported the ouster, has also divested.

The latest skirmish has turned ugly at times, with accusations, counterclaims and rebuttals. The incumbents blame their predecessors for bringing Petropavlovsk to its knees, while the old management say their replacements are squandering the healthier position they inherited.