FONT-SIZE Plus   Neg

Petropavlovsk Announces Sale Of Non Core Assets - Quick Facts

Petropavlovsk Plc. (POG.L) announced the execution of a Share Purchase Agreement dated 2 July 2013 relating to the transfer of 21% of the issued shares in closed joint-stock company JSC Verkhnetisskaya Ore Mining Company to OJSC Krasnojarskaya Gorno-Geologicheskaya Company. The total consideration for the sale is a rouble equivalent of US$172,756 which will be applied to ongoing working capital requirements.

Verkhnetisskaya holds two licences to explore and extract hard-rock gold from the Verkhnetisskaya and Troeusovskaya deposits in Krasnoyarsk region of Russia. Both of these deposits are at the exploration stage of development; neither are producing or are included in the Group's production plans.

The value of the gross assets which are the subject of this transaction is US$0.2 million and a loss of US$10.4 million was attributable to them, as consolidated in the Group's consolidated financial statements for the year ended 31 December 2012.

The company said that the transfer of title will take place within five business days from the date of the Share Purchase Agreement. The prior approval of the Federal Antimonopoly Service of Russia has already been obtained for the transaction. Following completion of the transaction, the Group will remain a 49% shareholder in Verkhnetisskaya. Upon completion of the sale Verhnetisskaya will cease to be a subsidiary of the Group.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Auvi-Q, the rival for EpiPen, will be coming back in 2017, pharmaceutical company Kaleo announced on Wednesday. Auvi-Q is a epinephrine injection used to treat life-threatening allergic reactions, including anaphylaxis, in people who are at risk for or have a history of serious allergic reactions. Auvi-Q... Uber's self-driving technology start-up Otto has partnered with Anheuser-Busch InBev to complete the world's first shipment by a self-driving truck. Otto said in a blog post that the company and Anheuser-Busch delivered 51,744 cans of Budweiser beer from Fort Collins, through downtown Denver, to Colorado Springs. Netflix Inc. has lined up plenty of new, original Netflix shows and movies for November. The return of the highly anticipated "Gilmore Girls: A Year in the Life" and Leonardo DiCaprio-produced documentary "The Ivory Game," which is focused on ivory trafficking, are among the main highlights that will arrive on Netflix in November.
comments powered by Disqus
Follow RTT