Petropavlovsk plans Hong Kong float

Peter Hambro's Petropavlovsk gold mining group today said it plans to float shares in its non-precious metals division on the Hong Kong stock exchange in October.

The division has been re-organised under a new subsidiary, IRC. It will also include the Vanadium Pentoxide joint venture, the Titanium Sponge project, infrastructure projects, and the group's interest in the Giproruda Technical Institute.

IRC will be headquartered in Hong Kong and led by Executive Chairman Jay Hambro and Chief Executive Officer Yury Makarov.

The IPO requires final approval from the Hong Kong stock exchange's listing committee.