Russian gold miner Petropavlovsk has a new major shareholder, Uzhuralzoloto Group of Companies (UGC) – a privately owned business that ranks as one of Russia’s top five gold producers.
Petropavlovsk CEO Pavel Maslovskiy says UGC president and founder Konstantin Strukov’s decision to invest in the company was a “strong endorsement” of its strategy and operational success, given that UGC was well respected in the Russian gold mining industry for its operating capabilities.
“We are confident that our ambition of becoming a leader in the mining and processing of refractory gold ores in Russia is supported by both Mr Strukhov and the company he founded, and we look forward to exploring the potential for future cooperation. . . ,” said Maslovskiy.
The group recently entered a new era of growth following the successful commissioning and startup of its flagship asset, the Pressure Oxidation (POX) Hub at Pokrovskiy, which enables the processing of the company's abundant refractory reserves and resources.