July 12 (Reuters) - Russian gold miner Petropavlovsk plans to file for administration after sanctions on Gazprombank, its main lender and the sole buyer of its gold, left it struggling to repay debt and made it among the first companies to face collapse due to the Ukraine war.
London-listed Petropavlovsk owns one of the only two plants in Russia which extract gold and other metals from refractory ore bodies. The firm's key operating mines of Pioneer, Malomir and Albyn and its Pokrovskiy POX Hub are located in the Amur Region in the Russian Far East.
It produced 449,800 troy ounces of gold in 2021.
Here is a timeline of the company and its past and present struggles. 1994
Peter Hambro, a British businessman with roots in a London banking dynasty, and Russian businessman Pavel Maslovskiy start Peter Hambro Mining
2002
The company launches its IPO on London's Alternative Investment Market 2009
Peter Hambro Mining renamed Petropavlovsk Plc, shares promoted to the London Stock Exchange
2011
CEO Maslovskiy steps downs, becomes a Senator in Russia
2014
Maslovskiy reappointed as CEO
2017
Top shareholders seek overhaul of the board citing corporate governance failures
Maslovskiy resigns as CEO and Hambro is later ousted after rebel shareholders back nominees to replace four out of six board members
New appointments include Bruce Buck, chairman of Chelsea Football Club
2018
Kazakh businessman and shareholder Kenges Rakishev in January seeks reinstatement of Maslovskiy as CEO
Roman Deniskin named as CEO in February
Shareholders in June vote to change management for the second time in just over a year. Deniskin steps down, Maslovskiy re-appointed as CEO; Hambro later appointed President
2020
Shareholders remove Maslovskiy as CEO in June
Maksim Meshcheryakov named as interim CEO in August
Denis Alexandrov named CEO in December
Maslovskiy detained and charged with embezzlement of at least 95 million roubles from Petropavlovsk's Pokrovsky mine subsidiary. He is still detained, awaiting a court decision. 2022 March 21
FTSE Russell removes Petropavlovsk from its indexes in response to Moscow's invasion of Ukraine
March 24
Gazprombank, Petropavlovsk's main lender and the only buyer of its gold, is hit by Western sanctions
March 25
Petropavlovsk says restrictions on trading gold in Russia may make it challenging to find a buyer
Says it is unable to pay interest due under a $200 million committed term loan with Gazprombank
March 28
Unable to pay about $9.5 million due under revolving credit facilities with Gazprombank March 30
Looks at potential restructuring of its debt
April 11
Appoints former CEO Deniskin as an independent non-executive director
April 14
Appoints AlixPartners UK to explore options, including possible sale of company and its subsidiaries
April 20
Says Gazprombank is seeking repayment of about $288 million due under the term facility
UMMC-INVEST becomes successor agent under the term loan
April 22
Petropavlovsk applies for a new licence to export gold
(SOURCE: Reuters stories, other media outlets, company announcements) (Compiled by Aby Jose Koilparambil and Yadarisa Shabong in Bengaluru; Editing by Kirsten Donovan)