6 Apr 2022 10:17

UGC, Region cancel deal to sell 29% of Petropavlovsk

MOSCOW. April 6 (Interfax) - Uzhuralzoloto Group of Companies (UGC), which is controlled by Konstantin Strukov, has again become the largest shareholder of Petropavlovsk with 29.18% following the cancellation of a deal to sell the stake to Region Group, the gold miner said.

The deal that would have made Sergei Sudarikov's Region Group Petropavlovsk's largest shareholder was announced on March 8.

Later Gazprombank , which buys all of Petropavlovsk's gold, was hit by UK sanctions. Petropavlovsk said this would complicate the sale of gold and servicing of the company's debt.

The gold miner's parent company, Petropavlovsk plc is registered in the UK. Petropavlovsk, one of Russia's top five gold producers, mines gold at deposit in Amur Region.