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Petropavlovsk PLC on Thursday said it has received a waiver from Gazprombank to sell gold to third parties and has found new gold buyers.
The waiver of Gazprombank's offtaker rights relates to $87.1 million owed to the bank that were originally due April 26 under Petropavlovsk's Russian subsidiaries' revolving credit facilities.
Petropavlovsk shares jumped 50% higher to 2.28 pence each in London on Thursday morning.
In addition, the gold miner announced its four main operating companies applied to the Russian government for a waiver of the country's current moratorium on bankruptcy filings. The companies are
Pokrovskiy Rudnik JSC, Albynskiy Rudnik LLC, Malomirskiy Rudnik LLC and TEMI LLC.
However, Gazprombank ‘may revoke such waivers at any time and may elect not to issue further waivers,’ Petropavlovsk explained.
On April 20, the Russian bank demanded the immediate repayment of $201.0 million under a committed term facility and repayment of UD87.1 million due under Petropavlovsk's Russian subsidiaries' revolving credit facilities by April 26. On April 29, the London-based gold mining company that operates in Russia said it had defaulted on its loan repayment to Gazprombank.
Petropavlovsk said in April it was unable to make the interest payments to Gazprombank, due to the sanctions imposed on the Russian lender.
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