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Polymetal provided with $140m loan for Kyzyl Project

22 June 2017 07:27

Polymetal International has signed a $140m loan agreement with the European Bank of Reconstruction and Development (EBRD).

It said the EBRD loan would finance remaining capital expenditures for the Kyzyl project, which was scheduled to launch in the third quarter of 2018.

The facility has an effective tenor of 5 years with a final maturity date in December 2022.

Kyzyl was the company's flagship development project and was a high-grade, world-class deposit with total reserves of 7.3 Moz at 7.7 g/t of gold and a mine life of 22 years.

"Once it is ramped up to full capacity in 2019, the asset is expected to contribute more than 300 Koz of GE production per annum," said Polymetal.

As part of the deal, Polymetal had developed an Environmental and Social Action Plan together with the EBRD, which includes a series of actions that the Company has committed to in order to avoid, reduce, control, or mitigate potential environmental, health and safety, and social impacts during the construction and operation of Kyzyl.

"We are welcoming EBRD's involvement in the Kyzyl project as a significant and long-term lender at attractive commercial terms.

This transaction also reinforces Polymetal's commitment to sustainability by adopting EBRD's best practices to environmental and social issues for the development and subsequent operation of Kyzyl," said Vitaly Nesis, Group CEO of Polymetal.

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