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...

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