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10 Aug 2015 07:21
10 August 2015
Petropavlovsk Comment on IRC Announcement
Petropavlovsk PLC ("Petropavlovsk" or the "Company", together with its subsidiaries, the "Group") confirms that, following the successful completion of IRC's Open Offer, as detailed in the announcement by IRC dated 5 August 2015, Petropavlovsk's percentage interest in IRC has reduced to 35.83% from 45.39%. As a result, IRC is no longer considered a subsidiary of the Petropavlovsk Group and going forward will be accounted for as an associate.
Commenting on the announcement, Pavel Maslovskiy, Chief Executive said:
"I am pleased to note that IRC has managed to raise net proceeds of c.US$50m from their open offer.
"These funds significantly de-risk the commissioning process at its K&S mine, which is now well underway.
"K&S is forecast to be one of the lowest cost iron-ore mines in the world and, even in the currently depressed markets, it should generate a significant operating margin when ramped up.
Petropavlovsk remains IRC's largest shareholder and we look forward to the exposure to this exciting project."
About IRC
IRC Limited ("IRC") is a producer and developer of industrial commodities with shares traded on the Stock Exchange of Hong Kong Limited.
Enquiries
Petropavlovsk PLC
Alya Samokhvalova Rachel Mills
| +44 (0) 20 7201 8900 |
Maitland
Neil Bennett James Isola
| +44 (0) 20 7379 5151 |
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