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Petropavlovsk cuts exposure to IRC debt

Russia-focused miner Petropavlovsk (LSE:POG) says its exposure to 31%-owned iron ore miner IRC will be reduced under a new debt package for the junior company, despite handing over US$27 million in a new bridging loan.

Alex Hamer
The K&S plant in Russia's far east

The K&S plant in Russia's far east

Petropavlovsk has lowered its guarantee under the new $240 million Gazprombank package from $204 million to $160 million. IRC had borrowed $340 million from ICBC to build the K&S iron ore project in...

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