Petropavlovsk said the UK’s High Court had rejected a bid by its major shareholder JSC Uzhuralzoloto Group of Companies to stop the sale of a stake in iron ore subsidiary IRC.
JSC wanted a court order to force Petropavlovsk into a general meeting at which it would try to prevent the company offloading its 29.9% share in IRC to Stocken Board, a Liechtenstein-incorporated investment company, for $10m.
Gazprombank in May signed off Petropavlovsk’s agreement to sell the stake, which would free the company from $234m of linked credit line guarantees.
