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Regulatory Story
Company Petropavlovsk PLC
TIDM POG
Headline IRC Announcement: Amur River Bridge Connected
Released 07:00 27-Mar-2019
Number 0848U07

RNS Number : 0848U
Petropavlovsk PLC
27 March 2019
 

 

 

 

27 March 2019

 

Petropavlovsk PLC

 

IRC Announcement: Amur River Bridge Connected

 

Petropavlovsk PLC (the "Company") is pleased to notify that IRC Limited ("IRC"), a producer and developer of industrial commodities in which the Company is a significant shareholder (31.1%), has today made an announcement in relation to the connection of both ends of the Amur River Bridge.

 

According to local media, the authorities in China's Heilongjiang province have confirmed that the last steel beam of the Russian-Chinese railway bridge over the Amur River has been installed which means that the main span of the bridge has been connected. Full construction of the bridge is scheduled in July 2019 and is expected to be operational later in 2019.

 

In terms of significance, and as previously announced by IRC, the cost of transporting its premium high-grade 65% iron ore product to China from the K&S mine may be reduced by up to US$5 per tonne once the railway bridge is in operation. In addition, the completion of the bridge will shorten the potential shipment time from 7 to 10 days to 3 to 5 days.

 

The full text of these announcements may be found on the website of IRC at www.ircgroup.com.hk

 

Enquiries

For more information, please visit www.petropavlovsk.net and www.ircgroup.com.hk or contact:

 

Petropavlovsk PLC                 

Patrick Pittaway

Max Zaltsman

+44 (0) 20 7201 8900

TeamIR@petropavlovsk.net

Buchanan

Bobby Morse

Ariadna Peretz

+44 (0) 207 466 5000

POG@buchanan.uk.com

 

Cautionary note on forward-looking statements

 

 


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