Home Business Petropavlovsk gold will temporarily not be able to sell

Petropavlovsk gold will temporarily not be able to sell

0
Petropavlovsk gold

One of the largest gold miners in Russia, Petropavlovsk gold, will temporarily not be able to sell gold.

The company, registered in the UK, until recently sold 100% of the produced gold to Gazprombank. But the day before, on March 24, this bank, along with other Russian companies, was under British sanctions.

Buy WAEC Results Checker -Advertisement-
Checkercards

In addition to the inability to sell Petropavlovsk gold through Gazprombank, another problem arises. The sale of gold through Gazprombank is one of the conditions for a $200 million loan that the bank provided to Petropavlovsk, and a revolving credit line for another $86.7 million.

Early in March, Shares in Petropavlovsk, the gold miner, crashed by 60 percent to 2p, leaving it valued at £198 million. Before the invasion, it was worth £1 billion.

Now Petropavlovsk is also unable to fulfill its obligations to pay interest on the loan, also due to sanctions.

SOURCEOvanews.xyz
Previous articleRussians are more Europeans than Europeans themselves – Dmitry Medvedev
Next article2022 World Cup playoff: Ghana vs Nigeria 

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.