Polymetal International PLC EBRD provides Polymetal with US$140 million loan (8431I)
22 June 2017 - 4:00PM
UK Regulatory
TIDMPOLY
RNS Number : 8431I
Polymetal International PLC
22 June 2017
Release IMMEDIATE
time
Date 22 June 2017
Polymetal International plc
EBRD provides Polymetal with US$140 million loan for the Kyzyl
Project
Polymetal International plc (LSE, MOEX: POLY; ADR: AUCOY)
(together with its subsidiaries - "Polymetal", the "Company", or
the "Group") is pleased to announce that it has signed a US$140
million loan agreement with the European Bank of Reconstruction and
Development (the "EBRD").
The EBRD loan will finance remaining capital expenditures for
the Kyzyl project, which is 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 is the Company's flagship development project and is 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.
As part of the deal, Polymetal has 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.
Enquiries
Media Investor Relations
----------------- ------------------ ----------------------------------------------------
FTI Consulting +44 20 3727 1000 Polymetal ir@polymetalinternational.com
Leonid Fink Evgenia Onuschenko +44 20 7016 9505 (UK)
Jenny Payne Maryana Nesis
Michael Vasiliev +7 812 334 3666 (Russia)
----------------- ------------------ -------------------- ------------------------------
Joint Corporate Brokers
------------------------------------- ----------------------------------------------------
Morgan Stanley
Sam McLennan
Richard Brown +44 20 7425 8000
Panmure Gordon RBC Europe Limited
Adam James Tristan Lovegrove
Tom Salvesen +44 20 7886 2500 Marcus Jackson +44 20 7653 4000
----------------- ------------------ -------------------- ------------------------------
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