Gold miner Petropavlovsk turns first profit since 2012

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By Jon Yeomans
The Telegraph, London
Wednesday, September 28, 2016

Russia-based gold miner Petropavlovsk has posted its first profit since 2012, as it looks to move on from a torrid few years.

Petropavlovsk reported a pre-tax profit of $4.8 million in the six months to June, against a loss of $26 million for the same period a year ago. Revenue slipped 14.5 percent to $254 million as gold production fell after poor weather in the Amur region of Russia where it mines.

The company nearly went bust in 2015 but now expects to close a refinancing deal with its creditors next month that will extend its debt repayment schedule to 2022. Petropavlovsk borrowed heavily this decade to fund expansion, only to be hit by a downturn in gold prices. In the first half of the year it slashed $12.4 million from its debt pile, bringing it down to $598 million.

Chairman Peter Hambro, a City veteran, said: "It's been a long struggle, but even a small profit is better than what we had in the past." ...

... For the remainder of the report:

http://www.telegraph.co.uk/business/2016/09/28/gold-miner-petropavlovsk-...



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NewCastle Gold's New CEO, Gerald Panneton, Hits the Ground Running

By Tommy Humphreys
CEO.ca
Tuesday, September 6, 2016

Mining entrepreneur Gerald Panneton took a few years off after building one of Canada's largest gold miners, Detour Gold. He raced performance cars in his down time, and conducted due diligence on various mining assets to potentially back.

This summer, the geologist set his sights on NewCastle Gold (TSXV:NCA), owner of a past-producing gold mine in California with similarities to Detour Gold in its early days. ...

... For the remainder of the report:

https://ceo.ca/@tommy/new-newcastle-gold-ceo-gerald-panneton-hits-the-gr...



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