Petropavlovsk PLC - FTSE 250-listed Russia-focused gold miner - Says sale of 30% stake in IRC Ltd to Liechtenstein-incorporated investment company Stocken Board AG becomes binding as Gazprombank consents to the transaction. Petropavlovsk is also a guarantor of a USD225 million debt facility to IRC.
"The board notes that Stocken has been able to arrange for GPB to outline a path to the removal of the guarantees, which is a key strategic focus for the company. Removal of the guarantees would significantly reduce the financial risk of the group, improve our credit metrics and allow our new management team to focus on developing our gold mining and processing business in the Amur region [in the Russian Far East]," says Petropavlovsk Chair James Cameron.
Current stock price: 25.28 pence
Year-to-date change: down 22%
By Greg Roxburgh; gregroxburgh@alliancenews.com
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