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Petropavlosk denies having merger talks with UGC

1st June 2020

By: Creamer Media Reporter

     

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London-listed Petropavlovsk has denied that it is in merger discussions with its major shareholder Uzhuralzoloto Group of Companies (UGC).

This follows after a major UK news agency reported that the companies are studying a potential merger in a deal that would “catapult the pair into the upper echelons of the gold mining industry”.

The privately-owned Russian gold miner UGC earlier this year bought a large stake in Petropavlovsk, which owns and operates four mines in Russia’s fast east region.

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Edited by Creamer Media Reporter

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