Petropavlovsk Looks To Sell Gold Mines as Sanctions Bite
- Sanctioned Gazprombank is off-taker of miner’s gold output
- Company hires AlixPartners UK to help board consider options
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Petropavlovsk Plc, once one of the biggest London-listed gold miners, said it’s looking at selling all its assets as sanctions against Russia mean it can’t sell the bullion it produces in the country or pay its debts.
The gold miner has found itself in an existential crisis after Russia’s invasion of Ukraine and the sanctions that followed. The company is headquartered and listed in London, but all its gold mines are in Russia’s far east.