IRC: Iron ore production target achieved

19 December 2012

IRC: Iron Ore Production Target Achieved

Petropavlovsk PLC ("Petropavlovsk" or together with its subsidiaries, "the Group") is pleased to confirm that IRC Limited ("IRC"), a company in which Petropavlovsk holds a majority stake, has announced today that its 2012 iron ore production target of 820,000 tonnes has already been exceeded, with production ongoing. IRC anticipates that it will produce an additional 120,000 to 140,000 tonnes of iron ore before year-end, an approximate 15% increase over the original target. Production of by-product ilmenite continues at expanded capacity following the recent technology upgrade and is expected to be close to guidance of 125,000 tonnes for 2012.

IRC was the Group's Non-Precious Metals Division prior to its listing on the Stock Exchange of Hong Kong Limited (stock code 1029).

The full announcement may be found on IRC's website, http://www.ircgroup.com.hk.

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