News and Press-releases

GV Gold Announces the New Composition of the Board of Directors and the Dividends for 2018

The Annual General Shareholders Meeting of GV Gold (Vysochaishy, PJSC) held on June 25, 2019, approved the new composition of the Board of Directors as follows:

  •     Sergey V. Dokuchaev - Chairman of the Board

  •     Valerian A. Tikhonov - Member of the Board

  •     Natalia V. Opaleva - Member of the Board

  •     Sergey A. Filippov – Member of the Board

  •     German R. Pikhoya - CEO

  •     Sergey G. Popov — Independent Director

  •     Nikolay V. Gavrilov — Independent Director

  •     Anthony James Nieuwenhuys — Independent Director

Elizabeth Ann Kirkwood, an independent director, left the Board of Directors. GV Gold thanks her for her cooperation and contribution to the development of the Company. Her place in the Board of Directors was taken by Sergey A. Filippov, who once again joined the Board of Directors as a non-executive director.

Within the framework of the Annual General Shareholders Meeting, the Annual Report and the annual financial statements of the Company for 2018, as well as the Company’s external auditor – Pricewaterhousecoopers Audit, were approved.

Besides, the Annual General Shareholders Meeting also made a decision to distribute RUB 3.094 B in the form of the dividends for 2018. The total dividends equated to 30% of EBITDA, based on the Company’s consolidated IFRS financial statements. Taking into account the dividends for 6m 2018 and 9m 2018 in the amount of RUB 53.3859 per share or RUB 2.935 B paid earlier, it is expected that in July 2019 the shareholders will be paid RUB 2.8999 per one ordinary share or RUB 159.449 M.

Company Profile

GV Gold (Vysochaishy, PJSC) is one of the fastest-growing Russian gold mining companies. It develops open pit deposits and washes gold at the country’s largest alluvial deposit. In 2018, the Company produced 304 koz of gold, having practically doubled this number as compared to 2016.

Its key operating assets are located in the Irkutsk Region and the Republic of Sakha (Yakutia). The Company operates four mines with a total capacity of 8 Mtpa of ore and holds 20 mining and exploration licenses. GV Gold boasts an extensive resource base, with JORC reserves and resources estimated at 4.4 Moz and 7.0 Moz, respectively.

The Company adheres to high corporate governance standards and has a transparent ownership structure, with BlackRock among its shareholders (17.99%).

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