Petropavlovsk PLC IRC Update (9614R)
20 June 2018 - 4:09PM
UK Regulatory
TIDMPOG
RNS Number : 9614R
Petropavlovsk PLC
20 June 2018
20 June 2018
Petropavlovsk PLC
IRC Update
Further to the announcement made by IRC Limited ("IRC") on 20
June 2018 and further to our previous announcement dated 13 June
2018, Petropavlovsk PLC ("Petropavlovsk" or the "Company" and
together with its subsidiaries, the "Group") is pleased to confirm
in relation to the US$340 million project finance facility between
Kimkano-Sutarsky Mining and Beneficiation Plant LLC ("K&S", a
wholly owned subsidiary of IRC) and the Industrial and Commercial
Bank of China ("ICBC", and the "ICBC Facility") that certain
waivers in respect of the ICBC Facility have been granted by ICBC,
subject to the fulfilment of certain conditions precedent.
Details of the ICBC waiver
ICBC has granted K&S and Petropavlovsk waivers from the
obligation to comply with certain financial covenants and has
granted K&S a waiver from its obligation to maintain certain
cash deposits with ICBC. The waivers will be effective upon
fulfilment of certain conditions precedent and will continue until
31 December 2018, subject to the ongoing satisfaction of certain
requirements.
Petropavlovsk and IRC are now working with all parties involved
to ensure that all conditions precedent are fulfilled. Further
announcements will be made in due course.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
About Petropavlovsk
Petropavlovsk is one of Russia's leading gold mining companies.
As at 31 March 2018, the Company had
produced approximately 6.9Moz of gold.
At this time, 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 3,430km(2) 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 IRC's US$340 million project finance facility. 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 Buchanan
Alya Samokhvalova Bobby Morse
Grace Hanratty Anna Michniewicz
+44 (0) 20 7201 8900 +44 (0) 207 466 5000
TeamIR@petropavlovsk.net POG@buchanan.uk.com
This information is provided by RNS, the news service of the
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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