11 Feb 2014 13:37

Petropavlovsk targets $100 mln debt reduction in 2014

MOSCOW. Feb 11 (Interfax) - Gold miner Petropavlovsk plc plans to reduce its debt by $100 million in 2014, First Deputy CEO Andrei Tarasov said in Moscow on Tuesday at the Russian & CIS Metals Summit 2014.

Net debt amounted to $945 million in December 2013, down from $1.13 billion in July, according to company data.

Given an increase in the cash flow from operations, the company does not foresee a problem with debt repayment in 2014, Tarasov said.

"But the covenants are a problem. We hope to lower them," he said.

In addition, Petropavlovsk has an issue of bonds coming due in 2015, he said.