The largest shareholder of the gold miner Petropavlovsk sues the company

Yuzhuralzoloto Group of Companies filed a lawsuit against Petropavlovsk for the sale of 29.9% of shares

Mining company Yuzhuralzoloto Group of Companies ( UGK), which is the largest shareholder of the gold mining company Petropavlovsk, has filed a lawsuit against it over the proposed sale of a 29.9 percent stake in the Hong Kong iron ore company IRC, Petropavlovsk said in a statement cited by TASS.

Previously, UGK management said that the sale of shares in IRC is not in the sphere of Petropavlovsk's business interests, and therefore opposed this transaction.

Earlier it became known that Russian gold miners earned and got rich thanks to the coronavirus pandemic, during which world prices for the precious metal was at a consistently high level. Among Russian companies, the largest price increase was recorded in transactions involving Petropavlovsk (by 30 percent) and Seligdar (29 percent), the smallest – in GV Gold (by 24 percent).



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