Petropavlovsk PLC (“Petropavlovsk” or the “Company” and, together with its subsidiaries, the “Group”) provides a further update in relation to Gazprombank (“GPB”).
As previously announced, GPB is on the UK Sanctions List and is designated for the purposes of an asset freeze under the Russia (Sanctions) (EU Exit) Regulations 2019 (the “Regulations”).
Further to Petropavlovsk’s previous announcements (including the Company’s announcement of 14 April 2022), the Group has now received notices from GPB purporting to require:
· immediate repayment of approximately US$201.0m (including accrued interest) due under the Company’s Committed Term Facility Agreement (the “Term Loan”) with GPB; and
· repayment by 26 April 2022 of, in aggregate, approximately US$$87.1m (including accrued interest) due under the Group’s Russian subsidiaries’ revolving credit facilities.
The Company has also received a notice from Joint Stock Company UMMC-INVEST (“UMMC”), as successor agent under the Term Loan, that GPB has assigned all its rights under the Term Loan and related finance documents to UMMC.
The Company is considering the implications of these notices with its advisers.
This announcement contains inside information
Petropavlovsk PLC (LSE: POG. MOEX: POGR) is a major integrated Russian gold producer with JORC Resources of 19.50Moz Au which include Reserves of 7.16Moz Au. Following its IPO on the Alternative Investment Market (AIM) in 2002, Petropavlovsk was promoted to the London Stock Exchange in 2009, where today it is a Premium Listed company. The Company’s shares also trade on the Moscow Exchange and are a constituent of the RTS Index and MOEX Index.
The Company’s key operating mines (Pioneer, Malomir and Albyn) and its Pokrovskiy Pressure Oxidation (POX) Hub are located in the Amur Region in the Russian Far East. Petropavlovsk has produced a total of c.8.7Moz of gold since operations began in 1994 and has a strong track record of mine development, expansion, and asset optimisation.
Petropavlovsk is one of the region’s largest employers and one of the largest contributors to the sustainable development of the local economy.
For more information
Please visit www.petropavlovskplc.com or contact:
John Mann / Max Zaltsman
+44 (0) 20 7201 8900
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