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21 Mar 2017 13:22
21 March 2017
Petropavlovsk PLC
IRC Update
Petropavlovsk PLC ("Petropavlovsk" or the "Company" or, together with its subsidiaries, the "Group") is a significant shareholder in IRC Limited ("IRC"), the iron ore producer and developer.
The Company is pleased to advise the following:
IRC announced today that Industrial and Commercial Bank of China Ltd ("ICBC") has waived the obligation of IRC's wholly owned subsidiary, Kimkano-Sutarsky Mining and Beneficiation Plant LLC ("K&S"), to repay all 2017 loan principal instalments of US$42.5 million. ICBC has informed IRC that all conditions precedent have been fulfilled, and the waiver of the 2017 loan principal repayments and the restructuring of the five subsequent repayments are now effective.
This follows the announcements by IRC and the Company on 27 February 2017 regarding the repayment restructuring of IRC's US$340 million Project Finance Facility with ICBC.
Please refer to the full IRC announcement for further details, available at www.ircgroup.com.hk.
About Petropavlovsk
Petropavlovsk is one of Russia's leading gold mining companies. As at 31 December 2016, the Company had produced approximately 6.4Moz of gold.
Petropavlovsk is in the construction phase of a state of the art pressure oxidation facility to process the Company's substantial refractory resource base. The Company's combined 3,600km2 license holding has untapped resource potential. The Company is a leading employer and contributor to the development of the local economy in the Amur region, Russian Far East, where it has operated since 1994.
Petropavlovsk is a shareholder (31.1%) of IRC Limited and is the guarantor of the US$340m project finance facility (US$234m principal outstanding, as at 31 December 2016). IRC is a vertically integrated iron ore producer and developer in the Russian Far East and North Eastern China. IRC is listed on the Hong Kong Stock Exchange (Ticker: 1029.HK).
Petropavlovsk is listed on the Main Market of the London Stock Exchange (Ticker POG.LN).
Enquiries
For more information, please visit www.petropavlovsk.net and www.ircgroup.com.hk or contact:
Petropavlovsk PLC | Maitland |
Alexandra Carse | Neil Bennett |
Grace Hanratty | James Isola |
+44 (0) 20 7201 8900 | +44 (0) 20 7379 5151 |
TeamIR@petropavlovsk.net | Petropavlovsk-Maitland@maitland.co.uk |
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