(Alliance News) - Petropavlovsk PLC has agreed a share retention agreement with JSC Gazprombank, a lender to the Russian miner's investee IRC Ltd.
Petropavlovsk currently has a 31% stake in IRC. Under the deal, it will not lower this below 20%.
Hong Kong-based minerals firm IRC secured a USD240 million loan from Gazprombank in March, with Petropavlovsk acting as a guarantor for IRC.
Petropavlovsk shares ended up 1.9% on Friday at 9.80 pence each.