Petropavlovsk raised to BUY, TP GBp 24.7 - It is time to factor in the refractory reserves
Refractory ore processing at Elginskoye from 2024e USD 97 mn direct boost to Albyns NAV
USD 92 mn indirect contribution to the other assets NAV
POX hub load reaching 100% to trim processing costs
Upcoming dividend policy and FCF turning black in H2 2021e
Valuation upside leaves a discount to key peers on EV/EBITDA
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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