Polymetal agrees $80m five-year loan with Eurasian Development Bank
Mining group Polymetal has entered a five-year non-revolving committed credit facility with Eurasian Development Bank (EDB) for $80m.
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The deal will be used to finance the development of the Kyzyl gold project in Kazakhstan, with pre-construction expenses in 2015 and in the first half 2016 to be covered by the loan.
"The signing of the credit facility agreement with EDB is another important milestone in the development of the Kyzyl gold project and strengthens our long-term relationship which we expect to lead to further future cooperation with EDB on this project", said Vitaly Nesis, the group chief executive.
Polymetal said the loan will be repaid in quarterly instalments starting from April 2018 with a final maturity date of 2 April 2020.
Polymetal shares were up 1.34% to 603.50p at 08:39 on Thursday.