Petropavlovsk says it is planning for potential supply chain disruption
Gold miner Petropavlovsk’s mining operations in the Far East of Russia continue to operate without interruption, the London-listed company said on Wednesday, but warned that there was a significant risk that supply chains could be disrupted.
Petropavlovsk reported that no member of the group, to date, had been named in the sanctions against Russia announced by the UK, the US, the European Union and other nations. The miner also stressed that it was ensuring that appropriate systems and procedures were put in place to verify that it was not conducting restricted forms of business with any sanctioned parties.
“Petropavlovsk will continue to identify and analyse potential risks to its business as a result of sanctions, countermeasures adopted by the Russian Federation, and trading decisions announced by private companies,” it said.
Regarding the potential supply chain disruptions, Petropavlovsk said that its management had initiated contingency planning on day one of the Russia-Ukraine crisis to mitigate the risk and ensure that operations continued uninterrupted. This included assessing existing stocks of imported parts and materials, immediately procuring additional supplies where necessary, and identifying replacement suppliers.
Petropavlovsk also noted that it continued to sell gold, as before, to domestic commercial banks at London fixing and was therefore not affected by export controls at this time.
The company’s stock suffered heavy losses this month after Russia’s invasion of Ukraine, having lost 75% of its value. In the past five days, the stock has recovered substantially, trading at 3.54p a share.
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