(Alliance News) - Petropavlovsk PLC on Friday noted a fourth-quarter production hike posted by the miner's investee IRC Ltd.
Petropavlovsk has just over a 31% stake in the iron ore miner, which predominantly operates in the Russian Far East region and in China.
In the fourth quarter of 2020, IRC's iron ore concentrate output rose 3.3% annually to 686,842 tonnes. For the whole of 2020, output was 6.7% higher at 2.7 million tonnes.
In addition, Petropavlovsk noted that IRC paid Gazprombank USD8.6 million.
"This is in accordance with the repayment schedule for the facility agreements guaranteed by Petropavlovsk," the London-listed firm added.
Shares in the company were 0.2% lower at 28.95 pence each in London on Friday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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