Russian Gold Miner Petropavlovsk Files for Administration

Russian gold miner Petropavlovsk Plc will file for administration as it negotiates the sale of its subsidiaries, after the company was hobbled by sanctions on a key partner.

The company’s board of directors will seek a hearing of the administration application at the High Court in London in the coming days, it said in a filing Tuesday. The application will include the appointment of Allister Manson, Trevor Binyon and Jo Rolls of Opus Business Advisory Group as administrators of the company.

London-listed Petropavlovsk’s stock has plunged more than 90% since Russia invaded Ukraine in February. The company -- which ...