Fortiana acquires 4.6% stake in Petropavlovsk

Vladislav Sviblov's Fortiana Holdings acquires 4.6% stake in Petropavlovsk

24 October 2019. Fortiana Holdings limited, the beneficial ownership of which is exercised by entities owned by Vladislav Sviblov, announces the acquisition of a 4.6% stake in the share capital of Petropavlovsk PLC (LSE: POG), the fifth-largest gold producer in Russia. Fortiana acquired a stake on the OTC market. The transaction is being disclosed in accordance with regulatory requirements.

Vladislav Sviblov, the majority shareholder of Fortiana Holdings, said:

"The acquisition of a stake in Petropavlovsk is a financial investment in an undervalued asset with high growth potential in the fundamentally attractive gold market, made by the investor with strategic interests in the Russian metals and mining sector. Petropavlovsk has gone through a successful period of transformation and an extensive capex cycle, and has completed several strategic projects and embarked on a new path of sustainable growth.

"At the end of last year, Petropavlovsk launched a flagship project not only for the company itself but for the industry as a whole: the highest capacity autoclave hydrometallurgical plant in Russia for processing refractory gold ores in the Amur Region. This makes it possible to process refractory ores, which account for about 60% of the company's extensive resource base.

"We welcome the changes that have taken place in the company and its opportunities for future growth, as demonstrated by the significant growth in its market capitalisation since the beginning of the year."

Vladislav Sviblov is the Chairman of the Board of Directors and majority shareholder of Ozernoe Mining Company, which develops Ozernoe polymetallic deposit in the Buryatia region of eastern Siberia, Russia. (www.oz-mine.com). Vladislav Sviblov is also a founder of Ecopolis Corporation - Moscow's leading industrial and household recycling company (www.ecopoliscorp.com). 

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