Petropavlovsk names new boss, dashing hopes of Kazak investor

“In my capacity as a shareholder I am not in a position, legally, to interfere in the process,” he said.

Petropavlovsk announced that Mr Rakishev’s associate Bektas Mukazhanov would join the board as a non-executive director.

Mr Deniskin will now take charge of an ongoing project to complete a pressure oxidation (POX) plant that should boost its recoveries of gold.

Ian Ashby, Petropavlovsk chairman, said: “Roman brings all the necessary experience and leadership attributes required as we enter a new phase in the company’s history with the completion of our POX development and the start-up of our underground mining operations.”

Since 2016 Mr Deniskin has been deputy chairman of Kazakhstan-based miner Eurasian Resources Group, the successor company to ENRC. The latter delisted from the FTSE 100 in 2013 in the wake of a Serious Fraud Office investigation into allegations of corruption. Both ENRC and its successor have always denied wrongdoing.

Petropavlovsk shares slipped 0.8pc in afternoon trade to 7.45p.