Gazprombank is looking for a strategic investor for the gold-extracting company Petropavlovsk to buy a share in IRC.
According to a major Petropavlovsk shareholder Kenes Rakishev, who owns 22.42% in the company, a major steel company could be such an investor. He didn’t give any names though.
At the same time the sale will be discussed only if the investor agrees to buy shares at market price.
Petropavlovsk owns 31% in IRC.
“Otherwise the shareholders will have to support IRC. As a major shareholder, I see good prospects for the company. Now it produces 3 million tons of iron ore per year, and this year it will increase output to 5 million tons”, he said.
Petropavlovsk is prepared to give its share free, if the investor clears IRC debt to Gazprombank ($240 million). (Ukrainian metal)