https://www.miningweekly.com

Polymetal extends Sberbank facility

5th June 2017

By: Creamer Media Reporter

     

Font size: - +

JOHANNESBURG (miningweekly.com) – Gold and silver miner Polymetal has extended its existing $400-million credit facility with Sberbank for another seven years in a move which CEO Vitaly Nesis say is an “excellent deal” for the company.

The original loan facility dates back to November 2013 and provided for the bullet repayment in November 2018. This has now been extended to June 2024 on the same key terms with an adjustment of the interest rate in line with current market rates.

“We are significantly extending the maturity profile of our debt portfolio while maintaining low interest costs,” Nesis said in a statement on Monday.

The effective tenor of the facility is five years.

LSE-listed Polymetal, which mines in Russia, Kazakhstan and Armenia, also announced that it had entered into a strategic partnership agreement with Sberbank on broader cooperation in banking and related services.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION