Yuzhuralzoloto, Petropavlovsk's largest shareholder, sent a request to the board of directors not to close the proposed transaction to sell its stake in the iron ore IRC and to convene a meeting of shareholders to consider the advisability of its completion. In March 2020. Petropavlovsk entered into an agreement to sell 29.9% of IRC to investment company Stocken Board AG for $10 million, subject to certain conditions precedent. In May 2021, the transaction became binding.