EBRD Grants Usd140 Million Loan To Polymetal For Kyzyl

Top News: EBRD Grants Usd140 Million Loan To Polymetal For Kyzyl

LONDON (Alliance News) – Gold and silver mining company Polymetal International PLC said on Thursday it has agreed to receive a USD140.0 million loan from the European Bank of Reconstruction and Development.

Under the agreement’s terms, the EBRD will provide a loan that will cover the remaining capital expenditure for Polymetal’s onshore Kyzyl gold project in north-eastern Kazakhstan, expected to launch in the third quarter of 2018. The facility has an effective tenor of five years with a final maturity date in December 2022.

Polymetal in return, has developed an Environmental & Social Action Plan with EBRD, which includes a series of actions to which the company has committed to avoid environmental, health & safety, and social impacts during the project’s construction and operation.

Kyzyl is Polymetal’s flagship project and is expected to produce more than 300,000 ounces of gold equivalents a year once brought to full capacity in 2019.

“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 Chief Executive Officer Vitaly Nesis.