Mining boss pockets £24m share windfall


Updated:

The boss of gold mining firm Petropavlovsk, formerly known as Peter Hambro Mining, has pocketed nearly £24million after selling shares in the company.

Chief executive Pavel Maslovskiy sold 2million shares over ten days at an average price of £11.93 to an unnamed buyer, completing the sale just days after a downbeat trading update.

The company slashed its production estimate by 6 per cent earlier this week, extinguishing hopes that it was on the brink of entering the FTSE 100.

A miner

Gold: The company slashed its production estimate by 6% earlier this week


Shares in Petropavlovsk fell to £10.31p (down 24p) yesterday, £1.62 per share below the price at which Maslovskiy sold his shares.

Chairman Peter Hambro also disposed of stock, donating 4,650 shares worth a total of more than £55,000 to two UK charities.

Sources close to the company said yesterday that Maslovskiy had sold his stock in an effort to rebalance his portfolio, pointing out that the buyer had been fully aware of the trading update before completion of the transaction.

The source added that Petropavlovsk's management expects the firm's share price to rally in the coming months.

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