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Petropavlovsk's partially-owned subsidary has offence proceeding opened against it by Russian Federal Service
StockMarketWire.com
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Petropavlovsk, which owns a 31.1% stake in IRC Limited, has acknowledged an announcement regarding operations at Kimkano-Sutarsky Mining and Beneficiation Plant, an IRC subsidiary.
IRC announced that the Russian Federal Service for Environmental, Technological, and Nuclear Supervision has initiated an administrative offence proceeding against K&S in the Obluchensky District Court of the Jewish Autonomous Region, in Russia, for operating the K&S project without the requisite approvals.
The Company understands that no court date has been set and that K&S will continue to operate as usual.
The potential outcome of the administrative offence proceeding is unclear. The Company understands that if K&S is found to have committed an offence a fine may be imposed by the court and/or K&S may be required to suspend its operations until the required formalities are completed, and necessary approvals are received.
Petropavlovsk acts as a guarantor of the obligations of K&S under two loan facility agreements with Gazprombank. The outstanding loan principal amount was US$204m as of 31 December 2020.
Story provided by StockMarketWire.com
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