Petropavlovsk received notice from its lender Gazprombank that it wants immediate repayment of US$201mln of loans plus a further US$87mln for a credit facility on 26 April.
The Russia-based gold miner has already missed two interest payments totalling around US$10mln on the loans of US$288mln from Gazprombank because of sanctions on the bank.
Gazprombank is state-owned and on the UK Sanctions List following the Ukraine invasion.
Another interest payment of approximately US$12.4mln is due from Petropavlovsk on 14 May for US$500mln of bonds that mature in November and are guaranteed by the miner.
Gazprombank is also the buyer of all of the group’s gold production, effectively meaning it cannot sell anything at present.
In its statement, Petropavlovsk said it has received a notice from Joint Stock Company UMMC-INVEST (UMMC), the body that GBP has assigned all its rights under the Term Loan.
“The company is considering the implications of these notices with its advisers.”
Last week, the miner said it had appointed corporate finance boutique Alix Partners to help find a buyer and explore other options.
At the time of that statement, it added it was hoping for a waiver from GBP to explore other avenues for it to sell its gold.