Administrators To Sell Russian Gold Miner For $600M
By Najiyya Budaly (August 4, 2022, 4:22 PM BST) -- Petropavlovsk PLC said Thursday that its administrators have agreed to sell the failed Russian gold mining company to commodities rival UMMC-Invest for $600 million, as Western sanctions over the Ukrainian invasion continue to hit Russian businesses.
Administrators Allister Manson, Trevor Binyon and Joanne Rolls of Opus Group LLP entered into an agreement with UMMC-Invest JSC to sell the interests of Petropavlovsk. The company, which was formerly known as Peter Hambro Mining PLC, is based in London but operates four hard-rock gold mines in the east of Russia.
"The sale is conditional on a number of matters," Petropavlovsk said. "It remains unclear...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!