Pavel Maslovskiy, chief executive of Petropavlovsk, is taking advantage of the near-record gold price to bank some cash with the sale of £24m worth of shares in the Russian gold miner.
Companies associated with Dr Maslovskiy sold 2m shares at £11.93 per share. The off-market sale was to a non-related party at the ten day volume weighted average price, the company said, and was for portfolio re-balancing and to provide funds for investments in non-mining related activities. His last significant disposals were in 2007 at prices of £10.90 and £12.12.
On Wednesday, Petropavlovsk, formerly known as Peter Hambro Mining, trimmed its preliminary estimate of gold production this year by about 6% to 470,000 ounces, down from its previous estimate of 500,000 ounces.
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