22nd Oct 2019 12:15
(Alliance News) - Petropavlovsk PLC said Tuesday its 31%-owned investee IRC Ltd reported its third quarter trading results on Tuesday, with the Russian-focused gold miner keen to point out IRC's loan repayment to Russian private bank Gazprombank.
Petropavlovsk said the USD10.3 million repayment was part of a facility agreed between Gazprombank and Hong-Kong based miner IRC, in December 2018, which Petropavlovsk has fully guaranteed.
IRC said the facility "removed the "financing uncertainty" weighing on its share price.
IRC completed the drawdown of the Gazprombank facility in the first half of 2019 and the loan proceeds were applied in accordance with the intended use of proceeds, IRC said in a statement. The company said the facility is secured by the assets of its K&S asset in far east Russia, and guaranteed by Petropavlovsk.
IRC also reported a 11% increase in iron ore concentrate production in the first nine months of 2019 to 1.9 million tonnes and a 9.7% rise in sales to 1.8 million tonnes.
Shares in Petropavlovsk were flat in London on Tuesday at 9.53 pence each.
By Paul McGowan; [email protected]
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