Major deals

Petropavlovsk is selling to investment fund Stocken Board AG a 29.9% stake in IRC for $10 million. IRC is a non-core asset of Petropavlovsk, which produces and exports iron ore concentrate to China. One of the conditions of the agreement is the release of Petropavlovsk from the guarantee obligations on the loans of Gazprombank to IRC in the amount of $225 million, which currently amount to $160 million. However, the transaction will require the consent of Gazprombank.