Petropavlovsk makes two more management and board appointments

The FTSE 250 gold miner said Dr Maslovskiy's appointment was in a non-director capacity, with Danila Kotlyarov remaining in the role of chief financial officer, also in a non-director capacity.

Dr Maslovskiy and Kotlyarov both remained members of the company's executive committee, the board said.

It added that, in addition to the temporary director appointments it announced on Tuesday, Martin Smith was being appointed as an independent non-executive director.

Smith would be appointed as a temporary director on the same basis as was announced on 30 June.

Ge is a Chartered Engineer and qualified mining engineer, with almost 45 years of experience, and had worked at some of the world's largest mining companies, including acting as deputy chief executive officer at Petropavlovsk, where he was also a director on the board until May 2015.

“Given the board changes we announced yesterday, I am pleased that Dr Maslovskiy has agreed to take up the position of chief operating officer in the interim period whilst the Company seeks to reconstitute the board,” said chief executive officer Dr Alya Samokhvalova.

“In this role, he can fully focus on our operations and ensure the group continues its positive trajectory with its assets and POX Hub.

“This is particularly important as we are nearing the start-up of our second flotation plant, at Pioneer, which forms an integral part of our development and acts as a feeder for the POX Hub.”

Dr Samokhvalova said the development of those assets was “testament” to Pavel's leadership, technical ability and professionalism, making it “essential” that he would be able to continue that progress.

“I am also confident that, with Danila Kotlyarov continuing his role as CFO, our business and operations will continue to thrive and deliver strong cash flows to the group.

“With both Pavel and Danila remaining with the group this provides the management continuity that the board considers is essential for continued operational excellence.”

Dr Samokhvalova also described Smith as an “excellent addition” to the board, saying he would “significantly boost” its operational expertise with his mining engineering background.

“Looking forward, the new board and myself are committed to ensuring all needs of our stakeholders continue to be met, and we seek to maintain our high standards of corporate governance.

“Ahead of forming a new board at a general meeting to be held within three months, the board is seeking to engage with all of our shareholders, including our largest shareholder Uzhuralzoloto Group of Companies, to understand their interests with respect to the group's future strategy.”

At 0827 BST, shares in Petropavlovsk were up 7.26% at 27p.