By Oliver Griffin
Petropavlovsk said on Wednesday that Industrial & Commercial Bank of China Ltd. (1398.HK) has granted it and its investee company IRC waivers from an obligation to comply with certain financial covenants.
The Russian gold mining company said that ICBC agreed to waive payments owed by Kimkano-Sutarsky Mining and Beneficiation Plant LLC, a wholly owned subsidiary of IRC, relating to its $340 million financing agreement with the Chinese bank.
Petropavlovsk said the waivers will be effective on fulfillment of certain unspecified conditions precedent, and will continue until Dec. 31, 2018.
The company said it is now working with IRC and all the involved parties to ensure that the conditions precedent are fulfilled.
Further announcements will be made in due course, Petropavlovsk said.
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