23rd Apr 2020 10:50
(Alliance News) - Gold miner Petropavlovsk PLC on Thursday said its Hong Kong-based investee IRC Ltd reported a rise in production and sales during the first quarter.
IRC's iron ore production rose 28% year-on-year to 670,477 tonnes in the three months to March 31. Sales jumped 26% to 663,440 tonnes.
IRC, which Petropavlovsk has a 31% stake in, said its K&S project was running at 86% of its designed capacity during the quarter.
"Despite the negative impact of the Covid-19 novel coronavirus on the global economy, the first quarter of 2020 was a good quarter to IRC, taking advantage of the strong iron ore market price, the weak Rouble, and the solid production rate at K&S," IRC's Chief Executive Officer Yury Makarov said.
Petropavlovsk in March announced the sale of most of its stake in IRC. It signed a preliminary agreement to sell just under 30% of its stake to Luxembourg-incorporated investment company Stocken Board AG for USD10 million in cash.
Shares in Petropavlovsk were 0.2% higher at 25.54 pence each in London on Thursday morning.
By Eric Cunha; [email protected]
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