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IRC Announcement: Q1 2020 Trading Update

23rd Apr 2020 07:00

RNS Number : 5685K
Petropavlovsk PLC
23 April 2020
 

 

 

 

 

23 April 2020

 

Petropavlovsk PLC

 

IRC Announcement: Q1 2020 Trading Update

 

Petropavlovsk PLC (the "Company"), wishes to notify that IRC Limited ("IRC"), a producer and developer of industrial commodities in which the Company is a significant shareholder (31.1%), has today made an announcement regarding its trading activities for Q1 2020. In particular, the Company wishes to highlight that c.US$9.8 million has been paid during the quarter by IRC to Gazprombank as principal repayment and interest. This is in accordance with the repayment schedule for the facility agreements guaranteed by Petropavlovsk.

 

The full text of the announcement may be found on the website of IRC at http://www.ircgroup.com.hk/en/ir_announcements.php.

About Petropavlovsk

 

With a Premium Listing on the London Stock Exchange, Petropavlovsk (LSE: POG) is a major integrated Russian gold producer with JORC Resources of 20.52Moz Au which include Reserves of 8.21Moz Au.

 

The Company's key operating mines (Pioneer, Malomir and Albyn) are in the Amur Region in the Russian Far East and the Company has produced a total of c.7.6Moz of gold since operations began in 1994. Petropavlovsk has a strong track record of mine development, expansion and asset optimisation.

 

The Group recently entered a new era of growth following the successful commissioning and start-up of its flagship asset, the Pressure Oxidation (POX) Hub at Pokrovskiy, which enables the processing of the Company's abundant refractory reserves and resources.

 

Petropavlovsk is committed to implementing international best practices across all areas of sustainable development and is one of the region's largest employers and contributors to the local economy.

 

For More Information

 

Please visit www.petropavlovsk.net or contact:

 

Petropavlovsk PLC

Patrick Pittaway / Max Zaltsman / Viktoriya Kim

+44 (0) 20 7201 8900

TeamIR@petropavlovsk.net

Peel Hunt LLP

Ross Allister / David McKeown / Alexander Allen

+44 (0) 20 7418 8900

Canaccord Genuity Limited

Henry Fitzgerald-O'Connor / James Asensio

+44 (0) 20 7523 8000

Buchanan

Bobby Morse / Kelsey Traynor / Ariadna Peretz

+44 (0) 20 7466 5000

POG@buchanan.uk.com

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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