Buying by Petropavlovsk bosses

Aug 27, 2010

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Petropavlovsk directors' have been buying shares in the gold miner following yesterday's interim figures.

A company associated with chief executive Dr Pavel Maslovskiy has invested nearly £1m in the company. The company has acquired 98,039 shares at 1016.82p a share.

Chairman Peter Hambro has bought 9,579 shares for his pension at 1013.62p each.

Petropavlovsk fell into the red in the six months to June 2010 after problems at its main mine led to a shortfall in production.

Pre-tax losses totalled, $35.4m, against a profit of $102.8m the previous year, as revenues fell to $195.7m from $214.1m.

Production of gold at the Pioneer mine in the far east of Russia , which generates most of Petropavlovsk's revenues, fell to about 90,000 ounces from about 120,000.

Production was hampered by the delay in the delivery of excavators the company had ordered for pre-stripping work.

Hambro said the company was still on target to achieve its annual production target of 670,000 ounces.

Top Director Buys

Petropavlovsk (POG) Director name: Dr Pavel Maslovsky Amount purchased: 98,039 @ 1,016.82p Value: £996,880

Petropavlovsk (POG) Director name: Mr Peter Hambro Amount purchased: 9,759 @ 1,013.62p Value: £98,919

Babcock International Group (BAB) Director name: Mr Archie Bethel Amount purchased: 13,841 @ 503.00p Value: £69,620

Braemar Shipping Services (BMS) Director name: Mr Alan Marsh Amount purchased: 10,000 @ 454.50p Value: £45,450

Sagentia Group (SAG) Director name: Mr Neil Elton Amount purchased: 67,920 @ 52.00p Value: £35,318

Axis-Shield (ASD) Director name: Mr Ronny Hermansen Amount purchased: 11,000 @ 276.50p Value: £30,415

Aga Rangemaster Group (AGA) Director name: Mr Shaun M Smith Amount purchased: 15,000 @ 89.24p Value: £13,386

Aga Rangemaster Group (AGA) Director name: Mr William B McGrath Amount purchased: 15,000 @ 89.24p Value: £13,386

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