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EastRussia Bulletin: Petropavlovsk will take IRC almost $ 30 million for a loan on ICBC - EastRussia | Far East

Irkutsk
Ulan-Ude

Blagoveshchensk
Chita
Yakutsk

Birobidzhan
Vladivostok
Khabarovsk

Magadan
Yuzhno-Sakhalinsk

Anadyr
Petropavlovsk-
Kamchatsky
Moscow

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EastRussia Bulletin: Petropavlovsk will take IRC almost $ 30 million for a loan on ICBC

EastRussia Bulletin: Petropavlovsk will take IRC almost $ 30 million for a loan on ICBC
Photo: EastRussia
Petropavlovsk will provide a short-term loan of about $ 30 million to its controlled company IRC (Petropavlovsk - Ferrous Metallurgy), which is the only producer of iron ore in the Far East, the latest issue of the EastRussia bulletin says. The funds are needed for the next installment of the credit line of the Commercial and Industrial Bank of China (ICBC).

The credit line with a limit of $ 340 million was opened for the construction of the Kimkano-Sutarsky GOK in the Jewish Autonomy. At the end of March, the balance of the main debt under this commitment was $ 234 million. The IRC is worried about the lack of liquidity for this payment, which must be paid off already on June 21. The default on the obligation is undesirable for the group Petropavlovsk, which is the largest shareholder of IRC (20%), and also the guarantor of this credit line.

Providing a loan guarantee was a controversial issue. The Sothic Foundation continues to criticize the old board of directors for this decision. Sothic points out that the Board of Directors of the IRC is headed by D. Hambro, son of P. Hambro, which the fund considers unacceptable from the corporate point of view. It should be noted that the investment fund Sothic is friendly to the former main shareholder Petropavlovsk - the Renova Group.

A detailed analysis of this and other relevant topics can be found in the weekly bulletin EastRussia (https://www.eastrussia.ru/subscribe/).