Russian gold miner Petropavlovsk has appointed Roman Deniskin, a former consultant and deputy chairman of Eurasian Resources Group, as its new chief executive.

The appointment caps an almost six month search by the board of the London-listed company following the loss of Petropavlovsk’s two co-founders including its former chief executive in July after a shareholder revolt.

The move is a setback to the company’s newest shareholder, Kazakh entrepreneur Kenges Rakishev, who flew to London last month to try to convince the board to bring back the company’s former CEO Pavel Maslovskiy.

Mr Rakishev, 38, bought 22 per cent of Petropavlovsk in December from Russia’s Renova Group. He has said he wants Petropavlovsk to expand into a larger gold mining company through acquisitions.

“The appointment of Roman Deniskin . . . is the board’s decision and the culmination of a recruitment process, which has begun before I invested in the company,” Mr Rakishev said in a statement. “In my capacity as a shareholder I am not in a position, legally, to interfere in the process.”

Petropavlovsk said it also appointed Bektas Mukazhanov, a Kazakhstan national, as a non-executive director. He will represent Mr Rakishev on the board.

Mr Deniskin started off his career for global consulting firm McKinsey before becoming chief executive of Severstal Resource Company, which supplies the iron ore and coking coal to its parent’s steel business.

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