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.