However he acknowledged “various challenges at the corporate level”, adding: “In this rapidly changing environment, we continue to monitor the situation to take all necessary steps to ensure the continuity of our business and compliance with sanctions, and to plan for contingencies that may adversely impact our operations.”
Production of gold has remained on target with total output up eight percent year on year for the first quarter.
News of Petropavlovsk’s plans helped its share price up slightly this morning however it still remains a fraction of its former value having fallen from Ā£10 a share at the start of the invasion to Ā£2.52.
While gold prices have soared during the Ukraine conflict, the Russian Central Bank has set its price for gold purchases below London fixing which Petropavlovsk has said could adversely affect its cashflow.
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