trending Market Intelligence /marketintelligence/en/news-insights/trending/I7PrmbZy6NdlFXGo0gOHog2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In this list

Petropavlovsk shareholders approve IRC facility refinancing guarantee

Mining Exploration Insights December

Mining Exploration Insights: Dip in gold drilling weighs on results

Mining Exploration Insights: Is the exploration sector back on recovery?

State of the Market: Mining Q2-2019


Petropavlovsk shareholders approve IRC facility refinancing guarantee

Petropavlovsk PLC shareholders voted March 11 in favor of guaranteeing associate IRC Ltd.'s debt related to its flagship K&S iron ore project in Russia's Far East.

The Russia-focused gold miner's shareholders voted 84.22% in favor of backing two new "broadly identical" facilities with Russian state-owned Gazprombank, versus 15.78% votes against.

IRC, in which Petropavlovsk holds a 31.1% stake, secured the dual-tranche US$240 million facility with Gazprombank in December 2018 to refinance subsidiary Kimkano-Sutarsky Mining and Beneficiation Plant LLC's outstanding project finance facility with Industrial and Commercial Bank of China and to repay loans from Petropavlovsk.

"The repayment schedule of the new facility with Gazprombank better aligns with the proposed ramp up of K&S's production and the anticipated revenues IRC will generate as a result," Petropavlovsk Chairman Roderic Lyne said.

He added that the company will benefit from a US$63 million aggregate cash inflow through IRC's settlement of two bridge loans and a guarantee fee.

In June 2018, Petropavlovsk made IRC a US$29.75 million bridge loan to pay down its line of credit from Industrial and Commercial Bank of China.