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Petropavlovsk PLC said on Wednesday it is in discussion regarding the restructuring of its debt as the company attempts to navigate Russian sanctions.
Shares in Petropavlovsk were down 9.6% at 4.50 pence on Wednesday in London following the announcement. Its shares are down 76% in the year-to-date.
The London-based miner with operations in Russia explained that it had a $200 million committed term loan and $86.7 million revolving credit facilities between itself and Gazprombank.
An interest payment of $560,000 due on the term loan is currently prohibited due to sanctions. The rouble equivalent of $9.5 million under its revolving credit facility has also not been paid as a consequence of the regulations.
This comes after Gazprombank was last week included on the UK Sanctions List.
As a result, the company said it is now in the early stages of discussions with its advisers and Gazprombank relating to a potential restructuring of its debt.
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