Petropavlovsk executes forward sales agreement with Gazprombank
JOHANNESBURG (miningweekly.com) – Russia’s State-owned Gazprombank will buy 96 000 oz of gold from Petropavlovsk under a forward sales agreement, the London-listed mining company announced on Tuesday.
The agreement allows for advance payment of up to 12 months, with advances to be settled using proceeds at the prevailing gold price at the date of the shipment.
CFO Andrey Maruta said that the forward sales agreement provided greater flexibility in managing working capital.
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