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27 March 2018
Gold Sales Agreement
Petropavlovsk PLC ("Petropavlovsk" or the "Company" or, together with its subsidiaries, the "Group") announces that on 22 March 2018 it signed and fully executed a gold sales agreement with Gazprombank, for a total volume of 96koz and for advance payment for up to 12 months. Advances will be settled using proceeds at the prevailing gold price at the date of the shipment.
Commenting on the announcement, Petropavlovsk CFO, Andrey Maruta said:
"This forward gold sales agreement with Gazprombank provides greater flexibility in managing the working capital of the Group."
Petropavlovsk is one of
At this time, 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 3,430km2 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
Petropavlovsk is listed on the Main Market of the London Stock Exchange (ticker POG:LN).
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