Petropavlovsk denies merger talks with UGC
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Petropavlovsk on Monday denied it was in merger talks with fellow miner UGC after weekend speculation the two firms were studying a potential tie-up.
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The Daily Telegraph reported that discussions between the two mining giants were currently at an early stage, but the deal could “definitely happen”, according to Petropavlovsk chief executive Pavel Maslovskiy.
“Petropavlovsk notes the recent press speculation regarding a possible corporate transaction with its major shareholder, Uzhuralzoloto Group of Companies (UGC), a privately-owned Russian gold miner,” the company said.
“Whilst the the company maintains an active dialogue with all its shareholders, it is not currently engaged in any transaction discussions with UGC.”