Petropavlovsk 1H 20 Earnings Preview - Solid price meets modest output except for the 3rd parties
Top line: We expect Petropavlovsks 1H 2020e results to be 19% stronger hoh on revenue, mainly on a higher realised gold price (+18% hoh, without gold hedges) and stronger sales of gold recovered from 3rd party concentrates (+131% hoh). At the same time, physical gold sales from own mines was down by 13% hoh, with the contraction led by the Albyn (-22% hoh) and Pioneer (-11% hoh). We also forecast a 70% hoh lower top line from the sales of other-than gold goods and services, due to the Covids sizeable impact on the overall economic activity in the 1H 2020e.Petropavlovsk is engaged in the mining of precious and non-precious metals which require it to hold licences which permit it to explore and mine in particular areas in Russia. Co.'s reportable segments, which are aligned with its operating locations, are Pokrovskiy, Pioneer, Malomir and Albyn hard-rock gold mines which are engaged in gold and silver production as well as field exploration and mine development.
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