20th Jun 2018 09:13
LONDON (Alliance News) - Russian gold miner Petropavlovsk PLC said Wednesday it has been granted waivers by the Industrial & Commercial Bank of China in relation to the loan facility of IRC Ltd, for which the miner is a guarantor.
The ICBC facility, granted to IRC's unit Kimkano-Sutarsky Mining & Beneficiation Plant LLC, amounts to USD340 million.
"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," Petropavlovsk said.
The waivers will continue until the end of December, subject to the satisfaction of some requirements, the company said.
Last week, Petropavlovsk, which owns 31% of IRC, loaned USD30 million to IRC to help IRC meet its unit's payment to ICBC, with USD35.2 million due Wednesday.
Shares in the mining company were trading up 0.1% at 8.23 pence each.
Related Shares:
POG.L