Petropavlovsk PLC IRC Update (0952A)
March 21 2017 - 9:22AM
UK Regulatory
TIDMPOG
RNS Number : 0952A
Petropavlovsk PLC
21 March 2017
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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