23rd May 2018 17:22
LONDON (Alliance News) - Russian miner Petropavlovsk PLC said Wednesday that no agreement has yet been reached with Industrial and Commercial Bank of China in relation to extension to repayment of the USD340 million project finance facility.
The USD340 million loan was provided to IRC Ltd unit Kimkano-Sutarsky Mining and Beneficiation Plant LLC and Petropavlovsk guaranteed the outstanding amounts. Under the loan, a payment of USD35.2 million is due on June 20.
Petropavlovsk, which owns 31% stake in IRC, said it is pursuing a number of options to ensure the continued good standing of the ICBC facility including full refinancing of the ICBC facility with a leading Russian lender. The company is also exploring a potential short-term advance to IRC to fund a portion of the June debt obligations, if necessary.
Shares in Petropavlovsk closed 0.2% lower at 6.88 pence each.
Related Shares:
POG.L