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Petropavlovsk provides IRC financing update

21 March 2017 14:01

Petropavlovsk has confirmed details of an announcement made by IRC Limited, a company in which it has a significant shareholding, that the Industrial and Commercial Bank of China (ICBC) has waived the obligation of IRC's wholly owned subsidiary, Kimkano-Sutarsky Mining and Beneficiation Plant, to repay all 2017 loan principal instalments of $42.5m.

ICBC has informed IRC that all conditions 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 $340m Project Finance Facility with ICBC.

At 2:01pm: (LON:POG) Petropavlovsk PLC share price was +0.03p at 6.43p

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