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EastRussia Bulletin: New Shareholder Petropavlovsk Suggests Sell 31% IRC - EastRussia | Far East






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EastRussia Bulletin: New shareholder Petropavlovsk proposed to sell 31% IRC

EastRussia Bulletin: New shareholder Petropavlovsk proposed to sell 31% IRC
Photo: EastRussia
Kenes Rakishev, the new shareholder of the Petropavlovsk group, announced some of the plans for further development of the company by submitting them to the board of directors and other shareholders, he believes that it is necessary to sell 31% of the Petropavlovsk iron ore IRC (Petropavlovsk - Ferrous Metallurgy) shares, according to the next published issue of the EastRussia bulletin . According to the Kazakh businessman, in the near future it is necessary to concentrate on M & A transactions in Russia and Central Asia, in particular, in Uzbekistan, which was opened for investors and so far unexplored by foreign gold miners, as well as in Kazakhstan and Kyrgyzstan.

Industry experts suggest that a Kazakh businessman can act in an alliance with any of the Russian players, however, specific names are not voiced.

Petropavlovsk's share in IRC is currently estimated at $ 65 million. Petropavlovsk is also the guarantor of IRC project financing from ICBC (Industrial and Commercial Bank of China) of about $ 233,75 million, which was involved in the construction of the Kimkano-Sutarsky GOK in the Jewish Autonomous Region. Before the sale of shares, the possibility of withdrawing the Petropavlovsk guarantee through the refinancing of the ICBC loan is being considered. In Petropavlovsk, in turn, note that the sale of a stake in IRC meets the company's strategy. Nevertheless, possible contenders are not yet called.

Earlier, Kenes Rakishev announced his intention to return to Petropavlovsk one of the founders of the company, Pavel Maslovsky.

A detailed analysis of this and other relevant topics can be found in the weekly bulletin EastRussia (