1029 2015
KURANAKH K&S 2016 K&S 3.2 2016
02 04 12 14 14 Kuranakh 16 K&S 19 Garinskoye 20 22 30 42 58 67 68 68 70 143 144 146 147 148 148 149
2015 2 2015 2015 257% 62% 43 (1)(2) 2016K&S (3) 35% 39% Kuranakh 24% K&S 2015 12 Kuranakh Kuranakh Kuranakh K&SK&S K&S2016 K&S 2016 K&S 2015 K&S K&S 3.265.8% 35(1) (2)
... (1) 2014 12 20152016 (2) 20172015 10K&S150 30 K&S Arkady Dvorkovich Yury Trutnev2016 2K&S 2015 2016 K&S Kuranakh 2015 3
28.9 49% 2015 62% 43%201497201555 2015 480 2015 8 50 15 4 0.315 K&S 2010 Petropavlovsk plc 2015286.9 K&S 276.3 Kuranakh10.6 2015 58.3 2.1 K&S 4 2015
... 20152014 12 31 12 31 2015 2014 1,091,600 1,027,595 6.2% 51 91 (44.0%) 205,632 165,716 24.1% 119 151 (21.2%) 55,906 92,917 (39.8%) 24,445 25,055 (2.4%) 1,559 4,442 (64.9%) 81,910 122,414 (33.1%) (95,896) (147,963) (35.2%) (10,160) (16,787) (39.5%) (480,050) (260,828) 84.0% 1 2,900 (100%) (504,195) (300,264) 67.9% (4,389) (10,170) (56.8%) (414) (876) (52.7%) (508,998) (311,310) 63.5% (247) (6,020) (95.9%) (509,245) (317,330) 60.5% 276 (314) (508,969) (317,644) 60.2% (28,919) (56,816) (49.1%) 2015 5
... Kuranakh 12 31 2015 2014 (508,969) (317,644) 60.2% 480,050 260,828 84.0% (28,919) (56,816) (49.1%) 2015 33.1% 49.1% 20156.2% 91 44.0%51 92.939.8% 55.9 2015205,632165,716 24.1% 21.2% 151 119 2.4%25.1 24.4 Giproruda2.9 1.6 6 2015
... Kuranakh 148.035.2% 95.9 98 8a 6.2% 24.1% 35.2% 2015 12 31 1,114,153 2014 12 311,010,360193,2362014 12 31178,426 2015 23.8% 20.8% 2015 2014 9.8 8.8 29.6 12.6 11.4 17.1 6.3 5.7 8.3 18.4 16.4 26.4 21.2 19.4 30.7 3.8 3.5 6.9 * (11.5) (10.3) (11.9) 60.6 54.9 107.1 * 2014 122015 2015 2015 7
2015 8... 2015 12.7 2014 12 31 23.7 0.72014 12 31 0.3 39.5% 10.2 62% 0 20 40 60 80 100 120 140 160 12 11 10 9 8 7 6 5 4 3 2 1 12 11 10 9 8 7 6 5 4 3 2 1 20 25 30 35 40 45 50 55 60 65 70 75 80 85 2014 2015 2015 480.1 K&S437.3 36.9 2014 12 31Kuranakh 63.6K&S 197.3Kuranakh 2015 12 31 Kuranakh 5.9 2014 12 31
... 201546% 2014 12 312.9 4.42014 12 31 10.2 Asia Pacific Bank 6.00.22014 5.2 2015 2015 509.02014 12 31317.6 2015 12 312014 12 31 12 31 2015 2014 (799) (25,598) (11,022) (9,818) (52,599) (100,990) 49,434 38,871 (926) 72,957 3,150 (815) (1,964) (16,727) (23,392) 1 1 74,990 98,382 12 31 58,263 74,990 25.60.8 52.6 K&S 1,296.0 49.4 0.9 52.0K&S 2015 9
... 2013 1 17 1,845 238 2015 12 31 170 80% 2015 6 29 K&S 1,295,976,080 49.4 2015 8 7 2015 7 17 49.4 80% K&S K&S 2015 12 31 318 K&S 10 2015 12 31 58.32014 12 3175.02.1 2014 12 3127.3 16.7 K&S 2016 1 26 2015 12 31 146.12014 12 31236.4 20152014 12 31 20152014 2015 12 31 2014 12 31 Kuranakh 93.1 0.1 93.2 136.0 1.1 137.1 K&S 0.5 52.0 52.5 0.3 97.7 98.0 0.4 0.4 1.3 1.3 93.6 52.5 146.1 136.3 100.1 236.4 10 2015
... 2015K&S 12 31 2015 2014 Kuranakh 0.3 K&S 1.3 0.1 0.4 0.1 1.3 0.9 2015 12 31 286.9 2014 12 31287.7 10.62014 12 3121.0 276.32014 12 31266.7 Petropavlovsk340 6.12014 12 316.0 2015 12 31 63.4% 2014 12 3125.0% K&S 2015 12 311,8002014 12 312,300 2015 26.52014 12 3145.3 2015 3 15% 2015 11
2015 2015 ISO 14001 2004 1,000,000 2015 1.2 2014 2.4 0.0 0.5 1.0 1.5 2.0 2.5 Kuranakh K&S 28.9 2015 56.8 2014 60 50 40 30 20 10 0 Kuranakh 2015 2014 2015 2014 1,114,153 1,010,360 193,236 178,426 2015 Kuranakh K&S 2015 54.9 2014 107.1 0 20 40 60 80 100 120 2015 2015 10.2 2014 16.8 0 5 10 15 20 K&S 2015 2015 395 1,433 2014 784 1,391 0 500 1000 1500 2000 (EMS)EMS ISO 14001 2004 12 2015
2015 13... 2014 1,000,000 1.2 1,000,000 2.4Kuranakh K&S K&S KuranakhEBITDA12.7 29.6% 480.1 28.9 Kuranakh EBITDA18.0 56.8 260.8 K&S 2016 Kuranakh 2015 Kuranakh 1,114,153 900,000 23.8%193,236 160,00020.8% 2014Kuranakh 1,010,360 900,000 12% 178,426 160,00019% K&S2016 2016 50% 54.9 107.1 5 2015 39.5% 10.2 11.8% 16.8 2015 1,433 395 20141,391 Kuranakh 7842013 798 ISO 14001 2004 ISO
Kuranakh BOLSHOI SEYM MOLYBDENUM KURANAKH EXPLORATION US Kuranakh Neryungri Manzhouli GARINSKOYE Blagoveschensk Heihe K&S 56º 41 35 () 170º 26 30 () Mogocha Chernyshevsk Magdagachi Nerchinsk Kuranakh Kuranakh 2010 Kuranakh (BAM)85 Kuranakh Saikta Olekma 62.5%48% (BAM) ISO 140001 20142012 2015 Kuranakh 20143.4445% 20151.90 2015 20151.43.1 Kuranakh 3.5 2.028.2% 8.5% 14 2015
2015 15... 2015 Kuranakh 1,114,153193,236 900,00024% 160,00021% 2015 23,685 KURANAKH 2014 Kuranakh 2015 Kuranakh 2015 12 14 Kuranakh K&S Kuranakh Kuranakh 2016 3 20151,091,600 205,6326% 24% 201411832% 201580 2014 107.1 49% 2015 54.9 7 Kuranakh2015 EBITDA12.7201418.0 201530% 2015Kuranakh Kuranakh 82.5 EBITDA10.2
... K&S ARINSKOYE K&S Belogorsk 48º 59 04 () 131º 25 10 () K&S Izvestkovaya Obluchye K&S (EAO) K&S 2017 K&S Izvestkovaya 4 130 Khabarovsk 300 K&S K&S2015 K&S 2016 2016 K&S 16 2015
2015 17... 2015 12 17 K&S K&S 2016 3 14 (1) 2016 6 30 2016 8 31(2) (3) 23 2017 12 31 2018 12 312019 12 3130 (4) EPC 2015Kuranakh K&S K&S 65.8% 35.462% 28.0 160 K&S 2015K&S 2015ISO 140001 2014 Kimkan50 2014 2015 2015 4.7 2010 10 3.265.8% Sutara 20 6.3 65% Kostenga Garinskoye
... 2016 2015 K&S K&S1,500 10 14 2017 K&S240 180 K&S K&S Nizhneleninskoye 2006 2014 11 18 2015
... Garinskoye 99.6% Magdagachi GARINSKOYE K&S River Zeya Garinskoye Shimanovsk 52º 35 00 () 129º 65 30 () Svobodny Belogorsk Ekaterinoslavka Zavitinsk Konstantinovka Garinskoye 99.6% 3,500 Garinskoye 4.6 20 20.248% 1.7 1 1.9 55% 8 68% 2013 2014 Garinskoye 2015 19
Kostenginskoye K&S K&S 2012Sovkhozny Maisky K&S Kostenginskoye Bolshoi Seym Bolshoi Seym Bolshoi SeymKuranakh Bolshoi Seym 2012 Sovetskaya Gavan Sovetskaya Gavan Giproruda Giproruda 70.3%Giproruda GiprorudaKuranakhK&S 2015Giproruda1.6 20 2015
... 46% Kuranakh (V 2 O 5 ) Kuranakh Kuranakh 20157,3177,21720147,153279.344.5 K&S 2015 6 29 15 4 0.315 2015 8 5 2015 8 71,295,976,080 49.4 2015 7 172015 8 5 2015 12 Petropavlovsk plc 2016 3 2015 21
Garinskoye Bolshoi Seym K&S* Kuranakh * Kostenginskoye 2015 2015 12 31 2015 12 31 1,433 29.1% 395 32.0% 22 2015
... 2015 12 31JORC2012 2015 % % Kuranakh 8.8 32.0% 2.8 9.8% 0.9 8.4 31.0% 2.6 9.6% 0.8 17.2 31.6% 5.4 9.7% 1.7 K&S* 21.5 29.2% 6.3 380.6 32.7% 124.4 461.0 30.3% 139.6 863.1 31.3% 270.3 Garinskoye 210.9 35.5% 74.9 48.6 30.8% 15.0 259.5 34.7% 89.9 Bolshoi Seym 270.8 17.8% 48.1 7.7% 20.8 22.0 16.9% 3.7 7.7% 1.7 292.8 17.7% 51.8 7.7% 22.5 21.5 29.2% 6.3 871.1 28.7% 250.2 7.7% 21.6 540.0 29.8% 160.9 8.2% 2.5 1,432.6 29.1% 417.4 7.8% 24.1 * Kostenginskoye 2015 23
... % Kuranakh K&S 22.1 30.4% 6.7 346.7 31.0% 107.4 368.8 30.9% 114.1 Garinskoye 26.2 47.0% 12.3 26.2 47.0% 12.3 22.1 30.4% 6.7 372.9 32.1% 119.7 395.0 32.0% 126.4 Kuranakh Kuranakh20042006 Saikta Kuranakh Kuranakh Saikta 1. 2. 3. 24 2015
... 2015SaiktaKuranakh20153.1Saikta Kuranakh2.5 0.6 2015 12 31 Kuranakh Kuranakh KuranakhKuranakh Kuranakh Kuranakh Saikta % % Kuranakh 4.4 32.0% 1.4 10.2% 0.5 3.3 31.0% 1.0 9.92% 0.3 7.7 31.6% 2.4 10.1% 0.8 Saikta 4.4 30.3% 1.3 9.3% 0.4 5.1 30.4% 1.6 9.3% 0.5 9.5 30.4% 2.9 9.3% 0.9 8.8 32.0% 2.8 9.8% 0.9 8.4 31.0% 2.6 9.6% 0.8 17.2 31.6% 5.4 9.7% 1.7 Kuranakh 17% 2015 25
... Kimkan Sutara Kimkan Sutara (K&S)Obluchenskoye Kimkan SutaraK&S20162015 Kostenginskoye K&S Kostenginskoye Sutara 18 Sutara KostenginskoyeK&S Kostenginskoye K&S K&S % Kimkan Sutara 21.5 29.2% 6.3 380.6 32.7% 124.4 281.6 32.0% 90.1 683.7 32.3% 33.2 Kostenginskoye 179.4 27.6% 49.5 179.4 27.6% 49.5 21.5 29.2% 6.3 380.6 32.7% 124.4 461.0 30.3% 139.6 863.1 31.3% 270.3 Kimkan Sutara 22.1 30.4% 6.7 346.7 31.0% 107.4 368.8 30.9% 114.1 Kimkan Sutara 17%Kostenginskoye 18% 26 2015
... 2015 K&S Kostenginskoye K&SK&SKostenginskoyeK&S K&S Garinskoye Garinskoye Mazanovsky 300 1949 19501958 1. 50% 2. 20% 50% 3. 15% 20% 2007Garinskoye2011 2015 2015 27
... Garinskoye Garinskoye % 210.9 35.5% 74.9 48.6 30.8% 15.0 259.5 34.7% 89.9 26.2 47.0% 12.3 26.2 47.0% 12.3 Garinskoye 16.5%2015 2014 20% 16.5% 2014Garinskoye 2015 2015 Garinskoye Bolshoi Seym Bolshoi Seym Kuranakh40 Bolshoi Seym26 Bolshoi Seym90% 99% Bolshoi Seym DalgeologiyaKalarskaya GRP 19791982 Bolshoi SeymVostokgeologia 20072009170 39,277 158 354 177,893 Bolshoi Seym MiconCIM(Canadian Institute of Mining, Metallurgy and Petroleum) Vostokgeologia 20072009 28 2015
... 2012 Bolshoi Seym 49%100% 2015Bolshoi SeymJORC2012 20155% JORC2012 5% Bolshoi Seym % % 270.8 17.8% 48.1 7.7% 20.8 22.0 16.9% 3.7 7.7% 1.7 292.8 17.7% 51.8 7.7% 22.5 2015 29
2012 ISO 14001 2004 Petropavlovsk plck&s 1. 2. 3. 20152,600201416% Kuranakh 2014 2015 2,191 1,655 14 15 387 23 580 909 % 30 29.5 30 2015
... 20102015 2010 2011 2012 2013 2014 2015 Kuranakh 4 4.6 12 5.54 6 2.55 9 3.90 7 3.44 3 1.90 K&S 0 0.00 0 0.00 0 0.00 1 1.00 1 0.81 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 4 3.2 12 3.61 6 1.77 10 3.00 8 2.42 3 1.18 2015 Kuranakh K&S20148 2015320142.4251% 2015 1.18 20102012 ISO 14001 2004 2015Afnor Rus AgencyISO 14001 2004 ISO 14001 2004 2015 31
... ISO 14001 2004 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 1. 2. 3. 4. 5. 32 2015
... 20027(Environmental protection) 19922395-1(Subsoil Law) 199533 (Specially Protected Natural Territories) 199552(Wild Animals) 1997116 (Industrial Safety of Hazardous Production Facilities) 199889(Production and Consumption of Waste) 199952(Sanitary-Epidemiological Welfare of the Population) 199996(Protection of Atmospheric Air) 2004190(Urban Development Code) 2004166 (Fisheries and Conservation of Aquatic Biological Resources) 200674(Water Code) 2.1.5.1315-03 (Maximum Permissible Concentration of Chemical Substances in the Ambient Waters of Household, Portable, Cultural and General Water Use Facilities) 2.1.6.1338-03 (Maximum Permissible Concentration of Pollution in Populated Areas) 2.2.5.1313-03 (Maximum Permissible Concentrations of Hazardous Substances in the Work Air) 2.1.6.2309-07(Safe Reference Levels of Impact of Pollutants in the Community Air) Kuranakh20 2004 55,000200928,000 20155,40820145,3212% 2015 33
... 20102015 6,000 5,000 4,000 3,000 851 997 1,382 1,779 1,717 1,585 2,000 1,000 2,729 2,757 3,091 3,364 3,604 3,855 0 2010 2011 2012 2013 2014 2015 2015K&SSnarsky 2015Kuranakh K&S 201586.5% 201528,810 201429,9114% 20102014 40,000 37,854 35,000 32,975 34,107 34,073 30,000 29,911 28,810 25,000 20,000 2010 2011 2012 2013 2014 2015 K&S 34 2015
... 20102015 2010 2011 2012 2013 2014 2015 2,729 2,757 3,091 3,364 3,604 3,855 851 997 1,382 1,779 1,717 1,585 3,580 3,753 4,473 5,143 5,321 5,440 521 767 538 461 545 534 15,811 16,136 26,936 16,092 9,081 6,951 0.40 1 0.10 0.40 1.03 0 16,643 17,203 10,380 17,519 20,284 21,325 32,975 34,107 37,854 34,073 29,911 28,810 % 100 100 92 86 90 78 % 100 100 101 81 86 85 2,657 2,658 2,510 2,418 2,884 3,147 299 299 526 602 783 843 2,956 2,957 3,036 3,020 3,667 3,990 2015 3,505201435 K&S 2015LLC Kostenginsky GOK13.18 201582.785%K&S15%Kuranakh K&S 2015 35
... 20102015 6,000 5,000 4,000 3,000 2,000 1,000 0 2010 2011 2012 2013 2014 2015 20102015 2010 2011 2012 2013 2014 2015 2,220 4,712 3,616 3,540 3,470 3,505 738 279 46 137 173 82.7 0 0 1,670 0 0 0 0 843 0 0 0 0 556,200 585,200 143,900 42,000 0 0 12 31 671,800 1,249,800 1,393,700 1,434,853 1,306,853 1,306,856 156 0 0 0 0 0 99.87% 0.13% 1.4x10-3% 5.3x10-5% 1.05x10-5% 2015 68% 7.8 5.6 72% 2.2 28% 36 2015
... 20102015 30 25 20 15 10 5 0 0.004 0.5 3.0 2010 0.006 2.1 15.2 2011 0.006 2.2 18.2 2012 0.009 20,000 2.6 0.1 2.3 25.2 20,000 22.1 0.02 2.2 5.6 2013 2014 2015 Kuranakh 20157.84201468% Kuranakh 2015 2015 KuranakhBlagoveschinskOlekma(Olekma Concentrating Plant)Kuranakh K&S (FSC) 201532% 2015 37
... 20102015 2010 2011 2012 2013 2014 2015 8,024,056 17,263,551 20,412,291 27,837,914 24,373,977 7,861,251 3,645 5,799 756 8,353 10,213 22,350 0.51 0.59 0.37 0.46 0.59 0.83 0.96 2.44 5.77 6.92 5.74 4.18 92.63 168.58 146.88 184.11 163.42 110.39 130.13 257.09 269.09 236.30 180.10 10,052.07 3,421 5,370 7,142 7,925 9,863 12,182 8,016,765 17,251,954 20,397,162 27,821,209 24,353,551 7,838,902 3,026,245 15,188,563 18,222,979 25,188,323 22,101,404 5,602,431 128,010 595,803 675,681 722,893 631,970 659,411 369,242 1,467,588 1,498,502 1,909,993 1,620,177 1,577,060 26 19 17 28 22.20 9,816 1,751 2,297 2,546 2,484 2,696 74,624 8,016,765 17,254,618 20,397,162 26,418,779 24,353,551 7,838,902 1,707 657 4,771 5,763 7,411 9,291 2015168,825 201451% 20102015 700 600 595.5 621.5 602.6 500 400 436.01 342.4 300 257.6 200 169.2 154.4 117.1 179.8 168.8 100 0 36.3 2010 78.5 2011 2012 44.9 34.9 25.9 38.5 27.4 2013 2014 2015 38 2015
... 20102015 2010 2011 2012 2013 2014 2015 595,487 621,492 602,632 436,010 342,349 168,825 169,214 154,384 257,604 179,752 25,875 28,207 36,300 78,497 177,064 44,878 34,900 38,466 GPS Kuranakh2015 AutographProduction Reporting 20102015 2010 2011 2012 2013 2014 2015 8,857 9,119 9,663 9,710 11,543 12,288 5,665,911 13,064,130 15,938,978 18,181,913 13,744,216 11,731,094 141,651 207,761 187,237 199,043 241,282 236,567 151 400 55 350 400 0 2015 K&S 2,500 650 504 (Ciconia boyciana) 2015 2015 2015 39
... 2015 2015 5 5All-Russian Public Environmental Movement "Green Russia(Victory Forest)K&S 40 20Izvestkovaya 15 3 2015 12 19Izvestkovaya Dvyrechie Khabarovsk(A visit to the museum-aquarium in Khabarovsk)29Khabarovsk FSUE (Pacific Fisheries Research Center)Khabarovsk 2009 STS 20092015 29 2015Ust-Nukzha (Association of Indigenous Minorities of the North of Amur Region) 20033.0Ust-Nyukzha 2015 Kuranakh 40 2015
... 20102015 2010 2011 2012 2013 2014 2015 1. 3,580 3,753 4,473 5,143 5,321 5,440 2,729 2,757 3,091 3,364 3,604 3,855 851 997 1,382 1,779 1,717 1,585 521 767 538 461 545 534 15,811 16,136 26,936 16,092 9,081 6,951 0.40 1 0.10 0.40 1.03 0 16,643 17,203 10,380 17,519 20,284 21,325 32,975 34,107 37,854 34,073 29,911 28,810 % 100 100 92 86 90 78 % 100 100 101 81 86 85 2,956 2,957 3,036 3,020 3,667 3,990 2,657 2,658 2,510 2,418 2,884 3,147 299 299 526 602 783 843 2. 2,220 4,712 3,616 3,540 3,470 3,505 738 279 46 137 173 82.7 0 0 1,670 0 0 0 0 843 0 0 0 0 556,200 585,200 143,900 42,000 0 0 12 31 671,800 1,249,800 1,393,700 1,434,853 1,306,853 1,306,856 156 0 0 0 0 0 3. 8,024,056 17,263,551 20,412,291 27,837,914 24,373,977 7,861,251 3,645 5,799 756 8,353 10,213 22,350 0.51 0.59 0.37 0.46 0.59 0.83 0.96 2.44 5.77 6.92 5.74 4.18 92.63 168.58 146.88 184.11 163.42 110.39 130.13 257.09 269.09 236.30 180.10 10,052.07 3,421 5,370 7,142 7,925 9,863 12,182 8,016,765 17,251,954 20,397,162 27,821,209 24,353,551 7,838,902 3,026,245 15,188,563 18,222,979 25,188,323 22,101,404 5,602,431 128,010 595,803 675,681 722,893 631,970 659,411 369,242 1,467,588 1,498,502 1,909,993 1,620,177 1,577,060 26 19 17 28 22.2 9,816 1,751 2,297 2,546 2,484 2,696 74,624 8,016,765 17,254,618 20,397,162 26,418,779 24,353,551 7,838,902 1,707 657 4,771 5,763 7,411 9,291 4. 595,487 621,492 602,632 436,010 342,349 168,825 169,214 154,384 257,604 179,752 25,875 28 207 36,300 78,497 177,064 44,878 34,900 38,466 5. 8,857 9,119 9,663 9,710 11,543 12,288 5,665,911 13,064,130 15,938,978 18,181,913 13,744,216 11,731,094 141,651 207,761 187,237 199,043 241,282 236,567 151 400 55 350 400 0 2015 41
2015 42 14 A.6.7 2015 6 4 2015 11 20 2015 12 31 3.10(A) 3.13 Petropavlovsk PLC Peter Hambro Petropavlovsk PLC Pavel Maslovskiy
2015 43... 2015 12 31 2016 1 20 A B A B 2015 3 25 A B CBE 2016 3 16 A B A B A B A B Jonathan Eric Martin Smith A B A B A B 2015 12 31 53
... J.E. Martin Smith 2015 2015 2015 53 J.E. Martin Smith 2015 50% 44 2015
2015 45... 2015 2015 53 2015 2014 2015 50% 2015 2015 3 15% 2016 1 10% 2015 7 50,000,000 2015 20152 2 2015 11 2015
... J.E. Martin Smith 44 Societe General 1. 50% 2. 3. 4. 14 46 2015
... 2015 2015 315%2016 1 10% 12 31 2015 2014 (a) 2016 1 20 783 783 895 895 696 696 796 796 2015 3 25 156 156 597 597 CBE 2016 3 16 91 91 104 104 (b) (b) 2015 3 25 68 68 126 126 144 144 Jonathan Eric Martin Smith 126 126 144 144 126 126 144 144 537 1,635 2,172 536 2,288 2,824 (a) (b) 2015 47
2015 48... 100% 2015 2015
... 1 22015 1 2010 11 2013 112013 2 2014 2 2015 1 1. Kuranakh 25% a. 33.3% b. 33.3% c. 33.3% 2. Kuranakh 25% a. 50% b. 50% 3. 25% a. 50% b. 50% 4. 25% a. 50% b. 50% 2015 49
... 2 1. Kuranakh 5% 2. Kuranakh 5% 3. 85% 50% 50% * 4. 5% 2012 * 2015 8 2011 2013 1 2 50% 50 2015
... (a) 2015 12 31 2014 12 31 (a) 2016 1 20 4,874,539 4,874,539 2015 3 25 2,802,860 12,551,938 2015 11 2017 10 10% 30% 12 1% (a) (b) 5 281.00 2015 51
... 342015 12 31228,000,000 58,000,000 2015 11 20 29,000,000 0.315 0.246 2015 11 20 29,000,000 0.315 0.246 10 (a) 2016 11 19 (b) 2017 11 19(c) 2018 11 19 (a) 12 31 2015 2014 (a) 2016 1 20 98 112 87 99 2015 3 25 17 75 202 286 2015 8 24 J.E. Martin Smith 2016 3 31 52 2015
... J.E. Martin Smith 2015 J.E. Martin Smith 2015 2015 2016 1 20 7/7 1/1 6/7 2015 3 25 7/7 CBE 2016 3 16 6/7 1/7 3/7 7/7 2/2 2/2 1/1 1/1 J.E. Martin Smith 7/7 2/2 2/2 1/1 1/1 6/7 2/2 2/2 1/1 2015 53
... 2015 12 31 2014 12 31 12 31 2015 2014 363 541 * 180 139 543 680 * 2015 6 302015 93,0002014139,000 201587,0002014 54 2015
... 2015 11 20 81.55% 2015 6 4 2014 12 31 99.996% 100.00% 99.655% 10% 100.00% 20% 96.700% 96.701% 20% 81.58% 5%622 (a)2.5% (b)50 1,000(i) (ii) 2015 55
2015 56... 2016 2015 12 31 (a) 2017 12 31(b) i) 2016 3 14 K&SK&S 2017 12 312018 12 312019 12 3130EPC ii)
... iii) K&S 2016 iv) 2016 (ii) (iii) (iv) (i) (ii) 68 2016 3 31 2015 57
2015 58 2015 12 31 2010 6 4 2015 12 31 6 2 3 4 11 148 2 3 12 13 42 57 58 66 30 41 2015 12 31 20 2015 6 29 K&S 15 4 0.315 2015 8 51,295,976,080 2015 8 7 49.4 172015 11 20 51 2015 31 2016 1 20* 2015 3 25** Danila Kotlyarov2016 1 20 *** CBE2016 3 16 ****
... Jonathan Eric Martin Smith * 2016 1 20 ** 2015 3 25 *** Danila Kotlyarov 2016 1 20 **** CBE 2015 12 31XV XV78 352 2015 12 31 * 352,000 0.00% ** 34,380,405 0.56% *** 29,000,000 0.47%^ 30,911,505 0.50% *** 29,000,000 0.47%^ 17,435,360 0.28% ^^ 1,428,174,000 23.20% 2015 59
... * Mount F Consulting LimitedMount F Consulting Limited ** *** 2015 11 2051 ^ ^^ 2015 12 31 6,155,886,381 50% 5% Petropavlovsk plc 2015 12 31 Petropavlovsk Petropavlovsk 24,218 0.00% 75,278 0.00% Petropavlovsk 24,218 Petropavlovsk 75,278 Petropavlovsk PLCPeter Hambro Petropavlovsk PLCPavel Maslovskiy PetropavlovskPetropavlovsk Petropavlovsk Petropavlovsk Petropavlovsk PetropavlovskPetropavlovsk 60 2015
... 2015 12 31 3.13 2015 12 31XV 23336 2015 12 31 Petropavlovsk PLC 2,205,900,000* 35.83%* Cayiron Limited** 2,205,900,000* 35.83%* *** 1,428,174,000 23.20% ^ 1,428,174,000 23.20% 1,428,174,000 23.20% * 2,205,900,000521,376,470 8.47%2015 2 6 66 ** Cayiron Limited Petropavlovsk PLC *** 35% ^ 50% 2015 61
... XV23 10% 2015 8 2015 12 31 XV336 14A 2015 2015 A Petropavlovsk 2,035 85 B Petropavlovsk 6,000 C Petropavlovsk 1,000 411 D Petropavlovsk 2,000 E Petropavlovsk 875* 434* 11,910 930 * 2015 10 12015 12 31 A E Petropavlovsk PetropavlovskCayiron Limited 14A.11(1) Petropavlovsk PetropavlovskPetropavlovsk 14A A. Petropavlovsk Petropavlovsk 2010 9 29Petropavlovsk (i)(ii)(iii) (iv)(v)(v) 10% 62 2015
... 2012 12 21 2013 1 12015 12 31 2013 12 31 2014 12 31 2015 12 31 2,035,000 2010 12 312011 12 31 2012 12 31 B. 2010 9 29Petropavlovsk Petropavlovsk (i)(ii) (iii) 10% 2012 12 21 2013 1 12015 12 31 2013 12 31 2014 12 31 2015 12 31 6,000,000 2010 12 312011 12 312012 12 31 K&S C. LLC GMMC2010 9 29 MC Petropavlovsk LLC GMMC MC Petropavlovsk PetropavlovskMC Petropavlovsk Petropavlovsk14A Petropavlovsk Petropavlovsk MC Petropavlovsk 14AMC Petropavlovsk 10% 2015 63
... 2013 10 82013 1 162013 1 12015 12 31 2013 10 82013 1 162013 1 12015 12 31 2013 12 31 2014 12 31 2015 12 31 1,000,000 2010 12 312011 12 312012 12 31 MC Petropavlovsk D. 2010 9 29MC Petropavlovsk MC Petropavlovsk MC Petropavlovsk MC Petropavlovsk 10% 2013 12 31 2014 12 31 2015 12 31 2,000,000 2010 12 312011 12 31 2012 12 31 E. 2015 11 20 Petropavlovsk Petropavlovsk Petropavlovsk Kuranakh K&S Petropavlovsk Petropavlovsk Petropavlovsk Petropavlovsk 64 2015
... Petropavlovsk Petropavlovsk (a) Petropavlovsk Petropavlovsk (b) 10 PetropavlovskPetropavlovsk 2015 10 12015 12 31875,000 6,781,250 2016 12 312017 12 31 3,500,000 27,125,000 2018 1 12018 9 30 2,625,000 20,343,750 Petropavlovsk Petropavlovsk 14A.56 3000 740 2015 12 31(i) (ii) (iii) (iv) 14A Petropavlovsk General Nice 2015 12 31 38 2015 65
... 10 201544 44 34 96% 68% 49%20% 5% 340,000,000 Petropavlovsk Petropavlovsk 382015 2 6 Cayiron Limited Petropavlovsk PLC 521,376,470 8.47% 42 3 J.E. Martin Smith 2016 3 31 66 2015
Jonathan Martin Smith (CBE) Pavel Maslovskiy 41(NM Rothschild) Petropavlovsk Aricom Petropavlovsk20102016 1 (Institute of Materials, Minerals and Mining) (Newcastle University) 41NT Computers 2002Aricom 2010 Petropavlovsk (Moscow State Aircraft Technology Institute) 3720052010 2016 1 (Moscow State University) (Moscow State Institute of International Relations) 69 Euronav NVGaslog MLP Jonathan Martin Smith57 Smith s Corporate Advisory 2010Westhouse Holdings Williams de Broë1982 69 76 GEMS Compagnie Financiere Richemont SA2016 3 16 46 (ING) 2015 3 25 542013 K&S Garinskoye 50 1997 Pavel Maslovskiy59PetropavlovskMaslovskiy (Moscow Aircraft Technology Institute) Maslovskiy2011 122014 10 2014 10Petropavlovsk 43 20 2015 67
70142 2015 12 31 405 22015 12 31 2016 (a)382017 12 31(b) 68 2015
... 29 (i)(ii) 2016 3 31 2015 69
2015 12 31 2015 2014 7 81,910 122,414 8 (106,056) (164,750) 11 (480,050) (260,828) (504,196) (303,164) 1 2,900 (504,195) (300,264) 12 (4,389) (10,170) 13 1,458 1,667 14 (1,872) (2,543) (508,998) (311,310) 15 (247) (6,020) (509,245) (317,330) (508,969) (317,644) (276) 314 (509,245) (317,330) 17 (9.48) (6.59) 70 2015
2015 12 31 2015 2014 (509,245) (317,330) (2,345) (7,974) (511,590) (325,304) (510,730) (323,458) (860) (1,846) (511,590) (325,304) 2015 71
2015 12 31 2015 2014 19 18,603 54,790 20 199,714 462,860 21 7,294 22 89,017 199,123 29 2,119 27,250 309,453 751,317 23 29,575 49,178 24 25,463 25,993 25 6,960 2,700 26 49,184 45,040 111,182 122,911 420,635 874,228 27 (18,032) (14,800) (366) (478) 29 (53,050) (63,500) (71,448) (78,778) 39,734 44,133 349,187 795,450 28 (6,324) (6,471) 30 (6,449) (4,022) 29 (215,238) (205,052) (228,011) (215,545) (299,459) (294,323) 121,176 579,905 72 2015
... 2015 12 31 2015 2014 31 1,260,665 1,211,231 32 (11,986) 17,984 17,984 1,967 11,752 (1,160,915) (651,946) 119,701 577,035 1,475 2,870 121,176 579,905 70 1422016 3 31 2015 73
2015 12 31 (b) (a) 2014 1 1 5,834 1,166,006 (12,846) 17,984 11,905 (15,825) 19,020 (334,302) 857,776 5,062 862,838 (317,644) (317,644) 314 (317,330) (5,814) (5,814) (2,160) (7,974) (5,814) (317,644) (323,458) (1,846) (325,304) 3,326 3,326 3,326 860 (533) (327) 31 20,209 19,782 39,991 39,991 31 (300) (300) (600) (600) 1,185,488 (1,185,488) (346) (346) 2014 12 31 1,211,231 (11,986) 17,984 14,698 (21,639) 18,693 (651,946) 577,035 2,870 579,905 (508,969) (508,969) (276) (509,245) (1,761) (1,761) (584) (2,345) (1,761) (508,969) (510,730) (860) (511,590) 147 147 147 11,986 (3,300) (8,686) 31 52,656 52,656 52,656 31 (3,222) (3,222) (3,222) 3,815 3,815 3,815 (535) (535) 2015 12 31 1,260,665 17,984 11,545 (23,400) 13,822 (1,160,915) 119,701 1,475 121,176 (a) (b) 1 2 3 31 12 74 2015
2015 12 31 2015 2014 33 (799) (25,598) (11,022) (9,818) (2,169) (458) (642) (14,448) (36,058) (52,599) (100,990) 25 (4,260) 40 25,131 (21,250) 1,458 1,667 21 917 118 450 37 3,150 (29,235) (116,933) 64,894 154,007 31 52,656 39,991 (65,820) (81,050) (3,222) (1,120) (535) (346) (72) (467) 47,901 111,015 4,218 (41,976) 45,040 89,642 (74) (2,626) 49,184 45,040 2015 75
2015 12 31 1. 2010 10 21 9 6 H 39 2. 2016 2015 12 31 29 38(a) 2017 12 31(b)29 (i) 2016 3 14 K&SK&S EPC 292017 12 312018 12 312019 12 31 30 (ii) (iii) K&S 2016 (iv) 2016 76 2015
... 2015 12 31 2. (ii) (iii) (iv) (i)(ii) 3. 19 20102012 20112013 9 1 14 2 15 1 11 3 1 3 1638 3 20122014 3 1641 3 27 3 1028 4 1012 3 28 2015 77
... 2015 12 31 3. 1 2018 1 1 2 2016 1 1 3 2016 1 1 4 9 2009 99 2010 2014 92014a) b) 9 39 9 939 9 78 2015
... 2015 12 31 3. 15 15 151811 15 15 15 15 15 15 4. 622 2015 12 31 2015 12 312014 12 31 2015 79
... 2015 12 31 4. 217 2 36 80 2015
... 2015 12 31 4. 39 36 36 2015 81
... 2015 12 31 4. 82 2015
... 2015 12 31 4. 2015 83
... 2015 12 31 4. 2 20 15 50 2 20 5 7 2 2 2 10 3 5 84 2015
... 2015 12 31 4. 11 2015 85
... 2015 12 31 4. 86 2015
... 2015 12 31 4. 2015 87
... 2015 12 31 4. 88 2015
... 2015 12 31 4. 2015 89
... 2015 12 31 4. 90 2015
... 2015 12 31 5. 4 2004 12JORC CIMJORCCIM 2015 91
... 2015 12 31 5. OJSC Institute for Engineering of Ore Mining Enterprises GiprorudaGiproruda 92 2015
... 2015 12 31 6. 8 8 Evreyskaya Avtononnaya OblastEAOKuranakh K&SGarinskoye Bolshoi Seym KostenginskoyeGarinskoye Flanks Giproruda 4 2015 93
... 2015 12 31 6. 2015 12 31 80,351 1,559 81,910 80,351 1,559 81,910 (93,061) (520) (2,267) (48) (95,896) (5,836) (182) (6,018) (250) (473,905) (5,895) (480,050) 1 1 (12,960) (474,425) (708) (5,942) (494,035) (10,073) (87) (4,389) 1,458 (1,872) (508,998) 121 40,789 1 1 40,912 375 375 26,561 366,784 8,584 1,426 403,355 17,280 420,635 (11,009) (5,928) (570) (7,340) (24,847) (268,288) (6,324) (299,459) 94 2015
... 2015 12 31 6. 2014 12 31 117,972 4,442 122,414 117,972 4,442 122,414 (141,634) (335) (4,176) (1,818) (147,963) (5,604) (8,909) (310) (14) (14,837) (63,563) (197,265) (260,828) 2,900 2,900 (87,225) (197,600) 266 1,082 (283,477) (16,577) (210) (10,170) 1,667 (2,543) (311,310) 749 41,665 2 42,416 845 845 33,674 780,260 12,483 9,888 836,305 37,923 874,228 (5,589) (4,092) (826) (8,793) (19,300) (268,552) (6,471) (294,323) 2015 95
... 2015 12 31 6. 2015 2014 55,906 92,917 24,445 25,055 1,559 4,442 81,910 122,414 (a) 2015 2014 17 1,140 1,559 4,442 80,334 114,253 2,579 81,910 122,414 (a) (b) 2015 2014 306,361 715,726 7,365 973 976 307,334 724,067 (b) 96 2015
... 2015 12 31 6. 20152014 12 31 10% 2015 12 3155,906,000 201492,917,000 10,579,000201414,127,00068% 13% 201476% 12% 20152014 12 3110% 7. 2015 2014 80,351 117,972 1,559 4,442 81,910 122,414 2015 97
... 2015 12 31 8. 2015 2014 (a) 95,896 147,963 (b) 10,160 16,787 106,056 164,750 (a) 2015 2014 19,625 36,653 7,949 12,067 16,194 28,707 6,018 14,837 1,691 2,608 534 3,041 33,076 43,196 4,149 (3,717) 9,257 33,873 * 226 259 215 383 42 264 329 894 60 149 397 748 (16,841) (33,221) 43 59 7,148 1,635 2,093 3,739 3,691 1,789 95,896 147,963 2015 12 31 2.8 98 2015
... 2015 12 31 8. (b) 2015 2014 6,917 8,642 87 210 * 964 1,654 89 75 310 129 659 1,432 505 793 147 3,326 281 413 1 5 5 13 815 1,376 (620) (1,281) 10,160 16,787 * 9. 2015 2014 363 541 93 139 456 680 2015 99
... 2015 12 31 10. 2015 2014 19,817 34,466 6,478 10,497 247 332 147 3,326 26,689 48,621 2015 2014 1,635 2,288 202 286 34 1,488 537 536 2,408 4,598 2015 (a) (c) 783 (b) 98 17 898 (c) 696 (d) 87 17 800 * 156 17 173 91 91 * 68 68 126 126 Jonathan Martin Smith 126 126 126 126 537 1,635 202 34 2,408 * 2015 3 25 100 2015
... 2015 12 31 10. 2014 (a) 895 (b) 112 496 1,503 796 (d) 99 496 1,391 597 75 496 1,168 104 104 144 144 Jonathan Martin Smith 144 144 144 144 536 2,288 286 1,488 4,598 (a) 434 (b) 680,2602014777,440 85,000201497,000 (c) 2015 831 31 255,000 223,000 242015 12 31 (d) 35,000201456,000 2015 101
... 2015 12 31 10. 2015 12 31 2014 20152014 12 31 2015 2014 581 587 25 779 606 1,366 1,500,0012,000,000192,307256,410 1 3,000,0013,500,000384,616448,718 1 5,000,0015,500,000641,026705,128 1 5,500,0016,000,000705,129769,231 1 2 2 11. 2015 12 31 KuranakhK&S KuranakhK&SEAO 2015 12 31Kuranakh250,000201463,563,000 102 2015
... 2015 12 31 11. Kuranakh2016 3 Kuranakh 12.0% 201412% K&S2015 12 31K&S 2014 12 31K&S437,343,000 2014197,265,000 296,504,0002014138,127,000 140,839,0002014 59,138,00036,562,000 2014 K&S 12.0% 201412% KuranakhK&S 2015 12 31 KuranakhKuranakh 5,895,0002014 2015 103
... 2015 12 31 12. 2015 2014 (4,361) (13,407) (28) 110 3,127 (4,389) (10,170) 13. 2015 2014 1,038 1,410 408 133 12 124 1,458 1,667 14. 2015 2014 19,221 14,920 (17,827) (13,002) 1,394 1,918 478 625 1,872 2,543 104 2015
... 2015 12 31 15. 2015 2014 (187) (821) (187) (821) 28 (60) (5,199) (247) (6,020) 20% K&S 2015 8 K&S 2015 82020 8 10% 20% 20152014 12 3112.5% 20152014 12 31 20152014 12 31 2015 2014 (508,998) (311,310) 20% (a) (101,800) (62,262) 1,894 8,028 (1) (725) 21,668 41,183 (30,686) 17,884 36,245 (b) 119,053 102,482 (58,451) (88,245) 247 6,020 (a) (b) 2015201411 2015 105
... 2015 12 31 16. 20152014 17. 2015 2014 (508,969) (317,644) 2015 2014 5,366,261 4,821,737 20152014 12 31 2015 8 7 15 4 20152014 12 31 31 106 2015
... 2015 12 31 18. 2015 2014 909 7,351 2015 2014 53 208 2 2 2015 12 31620,00020141,281,000 OJSC Giproruda LLC Petropavlovsk Iron Ore20152014 12 31 20152014 12 31441,000491,000 19. 2015 2014 54,790 53,303 375 1,487 11 (36,562) 18,603 54,790 Garinskoye Garinskoye Kostengiskoye Flanks Bolshoi Seym2015 201411 Garinskoye Kostengiskoye Flanks 2015 107
... 2015 12 31 20. 2014 1 1 1,016,753 117,068 59,170 16,022 1,209,013 69,610 422 573 388 70,993 (2,496) 3,385 10 (899) (115) (1,132) (1,247) (17,519) (326) (17,845) (4,463) (4,463) 2014 12 312015 1 1 1,066,233 120,875 53,832 15,511 1,256,451 40,840 21 51 40,912 (400) 407 2 (9) (990) (1,465) (2,455) (1,410) (1,410) 2015 12 31 1,105,683 121,282 50,980 15,553 1,293,498 2014 1 1 (492,159) (54,333) (34,892) (14,572) (595,956) (8,091) (5,552) (1,404) (15,047) 11 (139,283) (60,990) (548) (869) (201,690) 90 620 710 17,100 237 17,337 1,055 1,055 2014 12 312015 1 1 (622,343) (120,875) (34,932) (15,441) (793,591) (5,388) (717) (6,105) 11 (296,286) (407) (1) (60) (296,754) 906 1,388 2,294 372 372 2015 12 31 (923,111) (121,282) (33,890) (15,501) (1,093,784) 2015 12 31 182,572 17,090 52 199,714 2014 12 31 443,890 18,900 70 462,860 108 2015
... 2015 12 31 20. 2015 12 3142,060,000201424,233,000 2015 12 31 LLC KS GOK5,390,0002014 4,714,000 20152014 12 31Kuranakh 5,930,00020146,000,000 20152014 12 31 23,133,00068,259,000 21. 2015 2014 7,294 4,893 1 2,900 11 (5,895) (483) (499) (917) 7,294 2009 2 19Kuranakii Investment Co. Limited Kuranakii Investment Co. Limited46%49% 5% 11 2015 109
... 2015 12 31 21. 2015 2014 6,154 1,722 36,066 44,534 (26,891) (15,640) (2,514) (14,759) 35 376 (110) (2,054) (2,171) (6,715) 2015 2014 44,478 67,198 2 6,304 (689) (1,744) (2,163) (2,072) 48 421 110 2015
... 2015 12 31 21. 2015 2014 12,815 15,857 46% 46% 5,895 7,294 11 (5,895) 7,294 22. 2015 2014 3,446 88,859 194,076 1,490 158 111 89,017 199,123 23. 2015 2014 10,079 25,796 16,128 18,370 3,368 5,012 29,575 49,178 20152014 12 312015 12 31 252,00020141,635,000 7,400,0002014 2015 12 31 31,614,000 201444,587,000 2015 111
... 2015 12 31 24. 2015 2014 5,318 14,974 2,485 3,466 476 399 10,141 4,930 7,043 2,224 25,463 25,993 20152014 12 31 2015 12 3179.4% 2014 12 3164.3% 20152014 12 3199% 2015 2014 5,271 4,245 4,861 650 21 9 14 10,141 4,930 112 2015
... 2015 12 31 24. 156320141090 2015 2014 2 9 1 42 21 9 14 12 86 2015 2014 987 1,780 44 44 (2) (2) (230) (835) 799 987 20152014 12 31799,000987,000 2015 12 31 LLC Petropavlovsk Iron OreLLC Olekminsky Rudnik 2014 12 31LLC Petropavlovsk Iron Ore 2015 113
... 2015 12 31 25. 0.45% 15.50% 20140.7% 8.15% 26. 2015 12 310.4% 16.25% 20140.05% 23.00% 27. 2015 2014 3,121 4,525 195 443 14,716 9,832 18,032 14,800 19201420 2015 2014 1,030 1,524 37 25 51 779 2,003 2,197 3,121 4,525 114 2015
... 2015 12 31 28. 2014 1 1 (1,515) 353 (824) (1,986) 29 (206) 30,686 (36,245) 537 (5,199) 625 (84) 173 714 2014 12 31 (861) 63 30,686 (36,245) (114) (6,471) 28 29 15,281 (15,343) (55) (60) 192 (18) 33 207 2015 12 31 (641) 74 45,967 (51,588) (136) (6,324) 20152014 12 31323.8275.12016 202415,281,00076 2015 30,686,0001532014 942014121.7 20152014 12 31 15.121.0 20% 20152014 12 31 10.813.6 2015 115
... 2015 12 31 29. 2015 2014 Asian Pacific Bank 10,550 21,000 257,738 247,552 268,288 268,552 53,050 63,500 39,134 38,864 176,104 166,188 268,288 268,552 Asian Pacific Bank 2014 4Asian Pacific Bank15,000,00015,000,00012 9.0%2015 313 9.0% 2016 4 212015 12 31 15,000,000 8,350,000 2014 10Asian Pacific Bank 10,000,00010,000,00012 10.60% 2014 12 31 10,000,0006,000,000 2015 10Asian Pacific Bank10,000,00010.60% 2016 10 272015 12 31 10,000,0002,200,000 2015Asian Pacific Bank12,870,000 23,320,000 2015 12 31Asian Pacific Bank 14,450,0002014 12 314,000,000 2015 12 31Kuranakh LLC GMMCLLC GMMC OJSC GiprorudaOJSC Giproruda 2014 12 3110,000,000 LLC GMMC15,000,000 OJSC Giproruda 116 2015
... 2015 12 31 29. 2010 12 6LLC KS GOK Kimkan SutaraK&S K&S31.1 400 EPC 2010 12 13 LLC KS GOK 340,000,00026.4 K&S2011 2.802014 12 1621,250,0002022 6 2011 12 146,958,000201220132014 12 31 281,018,00052,024,000 5.9120145.6321,250,000 2014 1242,500,000 2015 6 12 2015 12 31276,250,0002014 12 31266,726,000 2015 12 31201452,024,000 20152014 12 312,119,000 27,250,000 20152014 12 311.02016 1 28,250,000 Petropavlovsk PLC38 2015 117
... 2015 12 31 30. 2015 2014 4,022 8,616 479 625 (1,132) (2,990) 3,080 (2,229) 6,449 4,022 20152014Kuranakh 10.9% 201414.1% 2021K&S 10.2% 201412.0% 2029 31. 2015 12 312014 12 31 2014 1 1 0.01 10,000,000,000 12,820 2014 12 312015 1 12015 12 31 622 2014 3 3 118 2015
... 2015 12 31 31. 2014 1 1 0.01 4,529,910,301 5,834 2014 2 0.01 165,000,000 213 1,185,488 2014 4 165,000,000 19,996 2014 4 (300) 2014 12 312015 1 1 4,859,910,301 1,211,231 1,295,976,080 52,656 (3,222) 2015 12 31 6,155,886,381 1,260,665 2015 6 29 K&S 15 4 0.315 2015 8 51,295,976,0802015 8 7 49.4 2015 119
... 2015 12 31 31. 2014332013 1 17 1,845,000,000 238,000,000 2013 12 311,005.7129.6 1,035,876,000 863,600,0002013 12 31 218,340,0002014 1 29 (a) 2014 2 24155.120.0 (b) 2014 4 22606.678.2(a) 2014 2 26155.120 165,000,000 2014 4 23 451.558.2 120 2015
... 2015 12 31 31. 2014 4 30 155.120.0 165,000,000 2014 6 25296.438.2 2014 6 25 296.438.2 315,260,000 25,548,000 2014 6 25 296.438.2 2014 6 2525,548,000 2014 11 172014 12 18 2014 12 18 (a) 2014 12 192015 3 186% (b) 2015 3 192015 6 189% (c) 2015 6 1912% 2014 12 18 2015 121
... 2015 12 31 31. 2014 12 182014 11 17 2014 12 18 2015 12 312014 12 312015 1,315.9169.6 1,365,876,000 2015 12 313,222,0002014600,000 32. 2014 1 1 12,846 (860) 2014 12 312015 1 1 11,986 (11,986) 2015 12 31 2015 12 313432,362,875 20142,322,000 2015 12 312014 12 3132,362,875 122 2015
... 2015 12 31 33. (a) 2015 2014 (508,998) (311,310) 684 6,514 (1,458) (1,667) 1,872 2,543 371 (110) 480,050 260,828 7,148 1,635 (3,127) 147 3,326 (1) (2,900) 4,358 13,407 44 64 7 173 (15,776) (30,624) 12,455 7,704 (2,690) (2,007) 5,212 (671) (799) (25,598) (b) 2015 12 31158,0002014237,000 2015 12 31 20152014 12 31 2015 123
... 2015 12 31 34. a) 2010 8 11 1 2 1 1 3 2012 25% 25% 25% 25% 2011 20% 20% 20% 20% 20% 2011 8 1 12,322,000 536,0002011 8 1 1.792011 2011 12 3193,460,500 124 2015
... 2015 12 31 34. a) 2012 7 1 1,000,000 108,0002012 7 10.84 20122012 12 3194,460,500 2014 7 312011 2011 2,322,000 2014 12 31 1 1,000,000 2015 6 302012 2012 1,000,000 2015 12 311 2 2 3 2014 5% 5% 85% 5% 2014 2 28 2 31,362,87514,623,617 16,739,2583,192,000 2014 2 280.79 2014 12 31231,362,875 2015 2014 31,362,875 2015 12 312 1 217,00020143,326,000 2015 125
... 2015 12 31 34. b) 2015 11 2025 11 19 (i) (ii) 1 2015 11 20 2025 11 19 10% 1% 0.1%5 30% 2015 11 20228,000,0000.315 0.246228,000,00058,000,000 170,000,000 10 2016 11 19 2017 11 19 2018 11 19 126 2015
... 2015 12 31 34. b) 2015 25% 25% 25% 25% 2015 12 31 228,000,000 2014 12 31 2015 12 31 2015 12 3126,273,000 Black-Scholes 0.10950.1242 0.246 0.315 (%) 49.76 (%) 10 (%) 1.614 2015 12 31130,0002014 12 31 10 35. 2015 12 3162,5002014121,000 2015 12 31 2015 12 31 2014 5,0002014 12 3111,000 2016 3Kuranakh 1.7 2015 127
... 2015 12 31 36. 29 4 2015 12 31 2014 12 31 75,602 82,254 (274,157) (273,734) 128 2015
... 2015 12 31 36. 2015 2014 2015 2014 10,289 22,804 12,521 8,775 2,700 2,811 10 11 22 25 1 1 23 1 1 5,378 1,032 35 25% 201425% 201525% 25% 201425% 25% 2015 2014 446 (2,806) 2015 129
... 2015 12 31 36. 29 29 10% 2015 12 31 4,468,0002014 12 317,985,000 20 3820152014 12 3147,361,000 28,920,000 56% 39% 2015 12 3124 130 2015
... 2015 12 31 36. 2015 12 31 2015 12 31 % 2015 12 31 5,869 5,869 5,869 6.1% 61,457 49,837 141,134 65,845 318,273 268,288 67,326 49,837 141,134 65,845 324,142 274,157 2014 12 31 5,182 5,182 5,182 6.0% 73,030 50,940 144,668 59,283 327,921 268,552 78,212 50,940 144,668 59,283 333,103 273,734 2015 131
... 2015 12 31 37. 2014 11 24LLC Rubikon LLC Rubikon 508 2 1 (10) (61) 440 3,736 3,296 3,152 (1) 3,151 132 2015
... 2015 12 31 37. 2014 9 11LLC Karier Ushumunskiy LLC Karier Ushumunskiy 97 88 4 (17) 172 3 (169) 3 (4) (1) 38. 20152014 12 31Petropavlovsk PLC Petropavlovsk PLCPeter HambroPavel Maslovskiy Peter HambroAsian Pacific BankAsian Pacific Bank JSC PhosAgroPhosAgro Giproruda OJSC ApatitApatit 2015 133
... 2015 12 31 38. 29 Petropavlovsk PLCLLC KS GOKPetropavlovsk PLC 2015 12 31 14 (a) (b) 2015 2014 2015 2014 Petropavlovsk PLC Petropavlovsk PLC 1 2 2,204 32 OJSC Irgiredmet 18 LLC NPGF Regis 14 28 20 CJSC Peter Hambro Mining Engineering 2 CJSC Pokrovsky Rudnik 911 3 CJSC Albynsky Rudnik 160 LLC Kapstroy 46 MC Petropavlovsk 421 684 69 229 LLC Karagay 1 LLC Gidrometallurgia 97 152 LLC Helios 11 13 Asian Pacific Bank 71 3,815 (a) (b) 134 2015
... 2015 12 31 38. (a) (b) 2015 2014 2015 2014 Petropavlovsk PLC Petropavlovsk PLC 98 897 9 765 OJSC Irgiredmet 2 3 LLC NPGF Regis 28 18 83 112 CJSC Pokrovsky Rudnik 903 1 CJSC Albynsky Rudnik 157 LLC Kapstroy 1 MC Petropavlovsk 144 99 1,930 1,899 LLC Gidrometallurgia 1 1 LLC Helios 1 1 Asian Pacific Bank 4 6 3,897 5,233 1,024 2,024 2,779 (a) (b) 29 Asian Pacific Bank 2015 2014 Asian Pacific Bank 24,829 24,454 2015 2014 381 365 2015 135
... 2015 12 31 38. 29 Petropavlovsk PLC Petropavlovsk PLCLLC KS GOKPetropavlovsk PLC Petropavlovsk PLCPetropavlovsk PLC Petropavlovsk PLCPetropavlovsk PLC Petropavlovsk PLC1.75% Petropavlovsk PLCPetropavlovsk PLC Petropavlovsk PLC 2015 12 31Petropavlovsk PLC 35.83% 2014 12 3145.39% Petropavlovsk PLC 2015Petropavlovsk PLC 1.75%2,086,0002014 (i) Petropavlovsk PLC 30%(ii) Petropavlovsk PLC 750,000,0003.5 14 1 K&S 1.1x (iii) Petropavlovsk PLC 2014 12 30 2015 12 31Petropavlovsk PLC K&S 2015 2 6 30%15% 2015 12 31 2015 3 2512 31Jonathan Martin Smith2014Jonathan Martin Smith2015 12 31 3,241,0002014 12 314,598,000 136 2015
... 2015 12 31 39. (d) 2015 (c) 2014 (c) Arfin Limited 2005 8 22 18,705 100% 100% Brasenose Services Limited 2004 1 20 63,653 100% 100% Dardanius Limited 2006 10 16 5,685 100% 100% Esimanor Limited 2008 3 15 3,984 100% 100% Expokom Limited 2005 12 22 311,464 100% 100% Guiner Enterprises Ltd 2007 8 25 368,801 100% 100% Kapucius Services Limited 2006 4 12 645,557 100% 100% Lapwing Limited 2006 8 9 28,795 99.58% 99.58% Lucilius Investments Limited 2008 11 22 27,097 100% 100% Metellus Limited 2006 8 21 7,176 100% 100% Rumier Holdings Ltd 2007 10 3 429,891 100% 100% Russian Titan Company Limited 2003 11 10 270,925 100% 100% Tenaviva Limited 2007 12 31 5,642 100% 100% Thorholdco (Cyprus) Limited 2013 10 3 1,005 100% 100% Aricom Limited 2003 9 12 1,316,039 100% 100% Aricom UK Limited 2007 3 1 242,261,914 100% 100% 2015 137
... 2015 12 31 39. (d) 2015 (c) 2014 (c) 2009 2 11 219,024,974 100% 100% Ariti HK Limited 2008 2 11 1,575,383 100% 100% Ariva HK Limited 2008 3 11 52,950,991 100% 100% Thorholdco Limited 2010 5 18 8,461 100% 100% Thorrouble Limited 2010 5 18 290,860 100% 100% Thordollar Limited 2010 5 18 9,157 100% 100% LLC Petropavlovsk Iron Ore 2004 8 25 10,000,000 100% 100% LLC KS GOK 2004 8 2 141,514,865 100% 100% K&S LLC Olekminsky Rudnik 2001 3 28 1,378,664,935 100% 100% Kuranakh CJSC Soviet Harbour Maritime 2005 8 30 1,000,000 100% 100% Trade Port CJSC SGMTP (a) LLC TOK 2007 4 3 10,000 100% 100% OJSC Giproruda (b) 1992 12 8 4,639 70.28% 70.28% LLC GMMC 2006 6 26 780,000,000 100% 100% Garinskoye LLC Kostenginskiy GOK 2007 2 16 10,000 100% 100% Kostenginskoye LLC Orlovsko Sokhatinsky Rudnik 2007 4 3 10,000 100% 100% Garinskoye Flanks LLC Garinskaya Infrastructure 2007 12 14 1,000,000 100% 100% Garinskoye 138 2015
... 2015 12 31 39. (d) 2015 (c) 2014 (c) LLC Amursnab 2009 12 28 10,000,000 99.9% 99.9% LLC Uralmining 2008 10 12 1,000,000 100% 100% Bolshoi Seym Caedmon Limited 2011 9 29 1,424 50.1% 50.1% LLC Gorniy Park 2010 10 25 10,000 50.1% 50.1% (a) CJSC (b) OJSC (c) 20152014 12 31Thorholdco Limited (d) 219,024,974 12 31 12 31 2015 2014 2015 2014 2015 2014 OSJC Giproruda 29.72% 29.72% 279 294 1,346 2,745 129 125 1,475 2,870 2015 139
... 2015 12 31 39. 2015 2014 OJSC Giproruda 5,136 7,828 3,510 4,735 (570) (826) (690) (912) 6,040 8,080 1,346 2,745 1,559 4,442 (2,497) (3,452) (938) 990 (659) 696 (279) 294 (938) 990 (1,381) (5,108) (584) (2,160) (1,965) (7,268) (2,040) (4,412) (863) (1,866) (2,903) (6,278) (2,315) 872 479 345 (622) (2,661) (2,458) (1,444) 140 2015
... 2015 12 31 40. 2015 12 31 41. 2015 2014 3 132,737 595,709 132,737 595,712 4,135 288 865 1,080 6,450 3,541 11,450 4,909 144,187 600,621 (21,924) (18,692) (1,087) (2,024) (23,011) (20,716) (11,561) (15,807) 121,176 579,905 1,260,665 1,211,231 592 592 436 3,589 3,815 (1,144,332) (635,507) 121,176 579,905 2016 3 31 2015 141
... 2015 12 31 41. 2014 1 1 5,834 1,166,006 592 797 (59,377) 1,113,852 (576,130) (576,130) (576,130) (576,130) 31 20,209 19,782 39,991 31 (300) (300) (600) 1,185,488 (1,185,488) 3,326 3,326 (534) (534) 2014 12 31 1,211,231 592 3,589 (635,507) 579,905 (508,825) (508,825) (508,825) (508,825) 31 52,656 52,656 31 (3,222) (3,222) 147 147 (3,300) (3,300) 3,815 3,815 2015 12 31 1,260,665 592 436 3,815 (1,144,332) 121,176 142 2015
12 31 2011 2012 2013 2014 2015 122,208 139,687 160,854 122,414 81,910 1,001 (57,554) (41,613) (317,644) (508,969) 12 31 2011 2012 2013 2014 2015 862,582 957,704 1,095,678 874,228 420,635 (49,504) (174,511) (232,840) (294,323) (299,459) 813,078 783,193 862,838 579,905 121,176 2015 143
Cayiron Cayiron Limited Petropavlovsk CIM K&SEPC DAP DSO Fe EAO EBITDA EPC Fe GDP 1398 FeTiO 3 JORC (Joint Ore Reserves Committee) (Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves) 2004 K&S KimkanSutara Fe 3 O 4 1.5 40% Micon Micon International Limited 1988 Micon National Instrument 43-101 (NI 43-101) (CIM) NI 43-101 National Instrument 43-101The (Canadian) Standards of Disclosure for Mineral Projects Companion Policy 43-101 144 2015
... Petropavlovsk Petropavlovsk plc ROM TiO 2 t 1,000 C +273.15 CaO Fe kg km 1,000 km 2 1,000,000 Kt Ktpa kv Kwh m m 3 mm 0.001 Mt Mtpa mwt nm sq.m. t 1,000 tpa TiO 2 V 2 O 5 2015 145
Thorodollar Limited Thorrouble Limited Aricom UK Limited 100% 100% 100% 35.83% Cayiron Limited 100% 1029 100% Thorholdco Limited 100% Thorholdco (Cyprus) Limited 100% 100% Aricom Limited Petropavlovsk PLC Arfin Limited 100% 100% 99.58% 100% 100% 100% Lucilius Investments Limited Kapucius Services Limited Lapwing Limited Russian Titan Company Limited Brasenose Services Limited Tenaviva Limited 100% 100% 100% 100% 100% 100% LLC Petropavlovsk-Iron 100% Ore 99.9% LLC Garinskaya Infrastructure LLC KS GOK EAO K&S LLC GMMC Garinskoye LLC Olekminsky Rudnik Kuranakh LLC Uralmining Bolshoi Seym LLC Amursnab LLC Aricom Representative office 100% Esimanor Limited 100% CJSC SGMTP Khabarovsky Krai 100% Metellus Limited 100% LLC TOK 100% Dardanius Limited 70.28% OJSC Giproruda 100% 100% 100% Rumier Holdings Limited Guiner Enterprises Limited Expokom (Cyprus) Limited 100% 100% LLC Kostenginskiy GOK EAO Kostenginskoye LLC Orlovsko-Sokhatinskiy Rundik Garinskoye flanks 50.1% Caedmon Limited 100% 100% LLC Gorniy Park Ariti HK Limited 100% 100% Ariva HK Limited 46% 146 2015
1029 9 6 H +852 2772 0007 +852 2772 0329 www.ircgroup.com.hk 52399423 1464973 Bulvar Entuziastov, Building 2 7/F, Business Center Golden Gate Moscow 109544 Russia P.A. Maslovskiy J.E. Martin Smith J.E. Martin Smith J.E. Martin Smith J.E. Martin Smith J.E. Martin Smith (CBE) 2015 147
2015 www.ircgroup.com.hk/html/ir_financial.php Forest Stewardship Council 9 6 H 9 6 H +(852) 2772 0007 ir@ircgroup.com.hk ircgroup.com.hk Facebook (facebook.com/pages/irc-limited) LinkedIn (linkedin.com/pub/irc-limited) Twitter (@IRCLimited) 148 2015
K&S Garinskoye 2015 K&S 2014 K&S 2013 + K&S 2012 Kuranakh Garinskoye 2011 Kuranakh K&S K&S 2010 Kuranakh K&S 340 400EPC
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