OREANDA-NEWS. December 14, 2010. Petropavlovsk PLC is pleased to note the announcement made by its subsidiary IRC Limited ("IRC") with regard to the signing of a debt agreement with the Industrial and Commercial Bank of China (“ICBC”). IRC's shares are traded on the Stock Exchange of Hong Kong Limited under the ticker code 1029:HK. The full text of the announcement may be found in full on the IRC Limited website at:
www.ircgroup.com.hk

Peter Hambro, Chairman of Petropavlovsk PLC, commented on IRC’s announcement, “I am very pleased that IRC has achieved this important milestone in its growth programme, both as a mine developer and as an independent iron ore producer. This third party funding has always been part of the Group’s long term plan and Petropavlovsk remains a committed shareholder in IRC’s success.”