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Merge with "Gold of Kamchatka" is considered by Petropavlovsk - CEO of Petropavlovsk - EastRussia | Far East

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The merger with the "Gold of Kamchatka" is being considered by Petropavlovsk - CEO of Petropavlovsk

The possibility of merging the company with the "Gold of Kamchatka", part of the "Renova" group of Viktor Vekselberg, is considered by the co-owner and head of Petropavlovsk Plc Pavel Maslovsky

This P. Maslovsky said in an interview with Bloomberg.

"Gold of Kamchatka" has interesting assets, and a rise in gold prices creates favorable conditions for the transaction, he explained.

Negotiations on the deal have not yet begun, the proposal of the company V. Vekselberg has not yet been made, the head of Petropavlovsk specified.

According to the latest information, the structures of V. Vekselberg control 16,27% Petropavlovsk.

The deal with "Amur Gold" will be completed this summer, according to P. Maslovsky. In late April, Petropavlovsk announced the purchase of "Amur Gold" from the structures of Musa Bazhayev, who in return will receive 30,3% Petropavlovsk. The total amount of the transaction is 144 million dollars.

Petropavlovsk is currently negotiating with Sberbank and VTB to mitigate covenants so that the company can finance projects from the cash flow, said P. Maslovsky. The company has such an opportunity due to the increase in gold prices. According to P. Maslovsky, for several years the price of gold could reach a record high in 2000 dollars / ounce.

The company is also considering issuing Eurobonds on 500 million dollars to refinance debt. In this case, Petropavlovsk will be able to reduce interest payments on debt, Interfax notes.

Gold of Kamchatka is the largest gold producer in the Kamchatka region, included in the top 20 gold miners of the Russian Federation. The company owns 9 licenses for the development of Kamchatka gold deposits with a total resource base of over 12 million troy ounces (more than 375 tons) of gold. In September last year, the company commissioned Ametistovoe mine with a production capacity of up to 4 tons of gold per year. In May, he went to the planned figures.

Petropavlovsk conducts industrial mining of gold deposits in the Amur region (Pokrovsky mine, Pioneer, Malomyr and Albyn). The largest shareholder of Petropavlovsk with a share of about 14,8% is now the Renova Group of Viktor Vekselberg. Large packages also belong to Peter Hambro, the head of the board of directors of Petropavlovsk, CEO Pavel Maslovsky, and their partner in the Asia-Pacific Bank, Andrei Vdovin.