The new major shareholder of Petropavlovsk – the Kazakh businessman Kenes Rakishev intends to make the company sell its 31% stake in the iron ore IRC.
The company share is estimated at $65 million, while the total debt of IRC of $233.75 million is the ICBC project financing with Petropavlovsk guarantees.
The money was borrowed to construct Kimkamo-Sutarsky Mining and Processing Works, the only operating asset of IRC.
According to Petropavlovsk, the sale of IRC stake meets the company strategy, but would depend first of all on the removal of Petropavlovsk loan guarantees. (Ukrainian metal)