Petropavlovsk to sell part of stake in Omchak
Petropavlovsk, a FTSE 250 mining group, has said that on Tuesday it signed a share purchase agreement for the transfer of 65 per cent of its issued shares in Omchak to Susumanzoloto in four tranches.
Petropavlovsk, a FTSE 250 mining group, has said that on Tuesday it signed a share purchase agreement for the transfer of 65 per cent of its issued shares in Omchak to Susumanzoloto in four tranches.
The total consideration for the sale is $21.65m.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Chairman Peter Hambro said: "The group has adopted a strategy to focus on its core projects, thereby optimising its capital expenditure requirements and deleveraging its balance sheet, we are pleased to have confirmed the sale of these non-core assets."
The transaction will result in an accounting loss of approximately $30m to be recognised in the results for the year ending December 31st 2012, reversing the fair value gain of approximately $26m which arose in 2010.
The share price rose 2.08% to 339p by 08:39.
NR
-
The most influential people of 2025Here are the most influential people of 2025, from New York's mayor-elect Zohran Mamdani to Japan’s Iron Lady Sanae Takaichi
-
Millions of parents are missing out on up to £720 a year in extra pension cash – are you affected?A mum who narrowly missed out on the pension boost said she “never knew the government rule existed” and wants other parents to use it
