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Petropavlovsk subsidiary negotiates $340m loan
Petropavlovsk says that its Hong Kong -listed subsidiary IRC has signed a $340m debt agreement with the Industrial and Commercial Bank of China.
Chairman Peter Hambro adds: "I am very pleased that IRC has achieved this important milestone in its growth programme, both as a mine developer and as an independent iron ore producer.
"This third party funding has always been part of the Group's long term plan and Petropavlovsk remains a committed shareholder in IRC's success."
Story provided by StockMarketWire.com
13/12/2010