Investors tend to see gold as a safe investment during volatile periods such as the global COVID-19 pandemic. With gold prices rallying to near a record high, not seen for 7 years, Interactive Investor spoke to Deputy CEO at Petropavlovsk plc, Alya Samokhvalova to discuss the gold boom and the opportunity Petropavlovsk plc offers investors as a FTSE250 listed gold producer.
2019 was a transformative year for the Company. The most significant development has been the opening of the flagship POX plant, the second in Russia, which has competitively positioned the Company within the gold producers in Russia. Further to this, Petropavlovsk also strengthened its Board, and made significant investment in the development of its producing assets. These positive developments have positioned it well for 2020.
Given the market backdrop, Alya also gave an update on the impact of COVID-19 to the Company explaining that strict procedures have been put in place for the wellbeing of employees, but due to the remote location of Petropavlovsk’s operations in the Amur region, and specific measures put in place by the Russian government, they have continued operations during lockdown with no record of any employees contracting the virus.
Overall, this was a good opportunity to update the market with Petropavlovsk’s progress and outlook for this year.