IRC Q1 2013 Trading Update
Petropavlovsk PLC (the "Company") is pleased to confirm that IRC Limited ("IRC"), has today announced its Q1 2013 Trading Update.
Key Highlights:
* the completion of the subscription by General Nice Development Limited ("General Nice") of 817,536,000 new IRC shares at a subscription price of HK$0.94 per IRC share;
* Increased production and sales at Kuranakh, resulting in a record-breaking quarter;
* On-going implementation of cost-saving measures and efficiency gains at Kuranakh and across the Group; and
* 2013 full-year production targets re-affirmed.
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