Inactive Instrument

Petropavlovsk

Equities

POG

GB0031544546

Petropavlovsk : IRC Update

March 22, 2017 at 07:24 am EDT

21 March 2017 Petropavlovsk PLC IRC Update

Petropavlovsk PLC ("Petropavlovsk" or the "Company" or, together with its subsidiaries, the "Group") is a significant shareholder in IRC Limited ("IRC"), the iron ore producer and developer.

The Company is pleased to advise the following:

IRC announced today that Industrial and Commercial Bank of China Ltd ("ICBC") has waived the obligation of IRC's wholly owned subsidiary, Kimkano-Sutarsky Mining and Beneficiation Plant LLC ("K&S"), to repay all 2017 loan principal instalments of US$42.5 million. ICBC has informed IRC that all conditions precedent have been fulfilled, and the waiver of the 2017 loan principal repayments and the restructuring of the five subsequent repayments are now effective.

This follows the announcements by IRC and the Company on 27 February 2017 regarding the repayment restructuring of IRC's US$340 million Project Finance Facility with ICBC.

Please refer to the full IRC announcement for further details, available at www.ircgroup.com.hk.

About Petropavlovsk

Petropavlovsk is one of Russia's leading gold mining companies. As at 31 December 2016, the Company had produced approximately 6.4Moz of gold.

Petropavlovsk is in the construction phase of a state of the art pressure oxidation facility to process the Company's substantial refractory resource base. The Company's combined 3,600km2 license holding has untapped resource potential. The Company is a leading employer and contributor to the development of the local economy in the Amur region, Russian Far East, where it has operated since 1994.

Petropavlovsk is a shareholder (31.1%) of IRC Limited and is the guarantor of the US$340m project finance facility (US$234m principal outstanding, as at 31 December 2016). IRC is a vertically integrated iron ore producer and developer in the Russian Far East and North Eastern China. IRC is listed on the Hong Kong Stock Exchange (Ticker: 1029.HK).

Petropavlovsk is listed on the Main Market of the London Stock Exchange (Ticker POG.LN).

Enquiries

For more information, please visit www.petropavlovsk.net and www.ircgroup.com.hk or contact:

Petropavlovsk PLC Alexandra Carse Grace Hanratty

+44 (0) 20 7201 8900

TeamIR@petropavlovsk.net

Maitland Neil Bennett James Isola

+44 (0) 20 7379 5151

Petropavlovsk-Maitland@maitland.co.uk

Petropavlovsk plc published this content on 21 March 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 22 March 2017 11:24:20 UTC.

Original documenthttp://www.petropavlovsk.net/images/stories/Pressreleases/2017/IRC_21.03.pdf

Public permalinkhttp://www.publicnow.com/view/1343359A06701A1BCB99DF50E66F5C6B742215AC

Latest news about Petropavlovsk

UMMC-Invest JSC acquired Right, title and interest of the Petropavlovsk PLC in Russia from Petropavlovsk PLC	22-09-11	CI
Petropavlovsk To Sell $600 Million Russian Business To UMMC	22-08-04	MT
UMMC-Invest JSC agreed to acquire Right, title and interest of the Petropavlovsk PLC in Russia from Petropavlovsk PLC for $600 million.	22-08-03	CI
Russian miner Petropavlovsk enters into administration	22-07-18	RE
UMMC, Strukov Can Buy Petropavlovsk's Assets	22-07-14	CI
Petropavlovsk in Talks with Two Potential Buyers of Assets	22-07-12	CI
FTSE 100 Closes Tuesday Up as Investors Return to Safe Havens	22-07-12	DJ
From boardroom battles to Ukraine war: Petropavlovsk scrambles to survive	22-07-12	RE
Rouble firms past 58 to dollar; Petropavlovsk shares slide	22-07-12	RE
Rouble nears 59 to dollar, euro; Petropavlovsk shares slide	22-07-12	RE
Petropavlovsk to Suspend London, Moscow Trading Amid Plan to File for Administration	22-07-12	MT
Sanctions push Russian gold miner Petropavlovsk to the brink	22-07-12	RE
Russian miner Petropavlovsk plans to file for administration	22-07-12	RE
Petropavlovsk Receives an Offer from One Party to Acquire and A Proposal from Another Party Expressing an Interest in the Acquisition of Those Subsidiaries	22-07-11	CI
Petropavlovsk PLC(MISX:POGR) dropped from RTS Index	22-06-29	CI
Petropavlovsk's Restructuring Adviser Resigns Amid New Sanctions On Services Export To Russia	22-05-23	MT
Repeat & Correct : Petropavlovsk Notifies Bondholders of Event of Default, Shares Fall	22-04-29	DJ
Petropavlovsk Sends Notice Of Default Following Gazprombank's Immediate Repayment Requirement	22-04-29	MT
Petropavlovsk Notifies Bondholders of Event of Default, Shares Fall	22-04-29	DJ
Petropavlovsk Seeks License to Export Gold Amid Sanctions Against Gazprombank; London Shares Soar 51%	22-04-22	MT
Russian miner Petropavlovsk seeks new export licence as sales struggle	22-04-22	RE
Russian miner Petropavlovsk applies for export licence amid struggle to sell gold	22-04-22	RE
Petropavlovsk Reports $201 Million Repayment Notice from Gazprombank; London Shares Slump 24%	22-04-20	MT
Russia's Petropavlovsk Reports $201 Million Repayment Notice from Gazprombank	22-04-20	MT
Sanctions-hit Gazprombank demands loan repayment from miner Petropavlovsk	22-04-20	RE

Chart Petropavlovsk

Duration

Period

More charts

Company Profile

Petropavlovsk PLC is a United Kingdom-based gold mining company. The Company's segments include Pioneer, Malomir and Albyn hard rock gold mines, which are engaged in gold and silver production, as well as field exploration and mines development. Its Pioneer gold mine is a bulk tonnage mine with multiple open pits and an underground mine, located approximately 40 kilometers north of Pokrovskiy. The Pioneer orebodies include both non-refractory and refractory ore. Its Malomir gold mine is located approximately 670 kilometers northeast by road of Pokrovskiy. The gold-bearing ore body in Malomir is hosted by upper Palaeozoic metasediments, mainly carbonaceous shales. Its Albyn gold mine consists of over three licenses and is located approximately 720 kilometers from Blagoveshchensk. Its pressure oxidation facility (POX Hub) facilities are allocated between Pioneer, Malomir and Albyn gold mines.

Sector

More about the company