Petropavlovsk 1H 20 - Weak 3Q prelims bears risk for our full year estimates
Today, Petropavlovsk published its 1H 2020 financial results, which came in consistent with our estimates and consensus on top line and EBITDA. Net income suffered from a non-cash one-off, which we expect to be reversed by the end of the year. More importantly, the firm also released its 3Q operating prelims, which revealed a qoq slump in production at own mines and modest output from 3rd party concentrate treatment. A negative finish came from the firms acknowledgement of delays in transferring cash from Russia-based subsidiaries due to the persisting corporate conflict.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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