ESG

Petropavlovsk flags potential fine for IRC subsidiary

Russia-focused gold miner Petropavlovsk (POG) could be facing another headache relating to its stake in IRC after the iron ore miner said Russian authorities had begun an “administrative offence proceeding” against its subsidiary K&S for allegedly operating its mine in far east Russia without the necessary approvals.

 Petropavlovsk's POX plant in Russia

Petropavlovsk's POX plant in Russia

POG said the potential outcome of the proceedings was "unclear", but noted that "if K&S is found to have committed an offence, a fine may be imposed by the court and/or K&S may be required to suspend its...

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