IRC Announcement
RNS Number : 5394V
Petropavlovsk PLC
10 August 2015
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10 August 2015
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Petropavlovsk Comment on IRC Announcement
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Petropavlovsk PLC ("Petropavlovsk" or the "Company", together with its subsidiaries, the "Group") confirms that, following the successful completion of IRC's Open Offer, as detailed in the announcement by IRC dated 5 August 2015, Petropavlovsk's percentage interest in IRC has reduced to 35.83% from 45.39%. As a result, IRC is no longer considered a subsidiary of the Petropavlovsk Group and going forward will be accounted for as an associate.
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Commenting on the announcement, Pavel Maslovskiy, Chief Executive said:
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"I am pleased to note that IRC has managed to raise net proceeds of c.US$50m from their open offer.
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"These funds significantly de-risk the commissioning process at its K&S mine, which is now well underway.??
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"K&S is forecast to be one of the lowest cost iron-ore mines in the world and, even in the currently depressed markets, it should generate a significant operating margin when ramped up.??
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Petropavlovsk remains IRC's largest shareholder and we look forward to the exposure to this exciting project."
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About IRC
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IRC Limited ("IRC") is a producer and developer of industrial commodities with shares traded on the Stock Exchange of Hong Kong Limited.
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Enquiries??
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Petropavlovsk PLC
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Alya Samokhvalova??
Rachel Mills
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+44??(0)??20??7201??8900 |
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Maitland
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Neil Bennett
James Isola
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+44??(0)??20??7379 5151 |
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This information is provided by RNS
The company news service from the London Stock Exchange
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