Russia-focused gold miner Petropavlovsk PLC signed a forward sales agreement with Gazprombank to buy 96,000 ounces of the precious metal, the company announced in a March 27 release.

The terms of the deal include advance payment for up to 12 months. Advances will be settled using proceeds at the prevailing gold price at the date of shipment.

"This forward gold sales agreement with Gazprombank provides greater flexibility in managing the working capital of the group," said company CFO Andrey Maruta.