• Bookmark
  • Print
  • Email

EBRD provides Polymetal with US$140 million loan for the Kyzyl Project

22 June 2017

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
Leonid Fink
Jenny Payne

+44 20 3727 1000

Polymetal
Evgenia Onuschenko
Maryana Nesis
Michael Vasiliev

ir@polymetalinternational.com

+44 20 7016 9503 (UK)

+7 812 313 5964 (Russia)

Joint Corporate Brokers

Morgan Stanley
Sam McLennan
Richard Brown

Panmure Gordon
Adam James
Tom Salvesen

+44 20 7425 8000

 

+44 20 7886 2500

RBC Europe Limited
Tristan Lovegrove
Marcus Jackson

+44 20 7653 4000

 

FORWARD-LOOKING STATEMENTS

THIS RELEASE MAY INCLUDE STATEMENTS THAT ARE, OR MAY BE DEEMED TO BE, “FORWARD-LOOKING STATEMENTS”. THESE FORWARD-LOOKING STATEMENTS SPEAK ONLY AS AT THE DATE OF THIS RELEASE. THESE FORWARD-LOOKING STATEMENTS CAN BE IDENTIFIED BY THE USE OF FORWARD-LOOKING TERMINOLOGY, INCLUDING THE WORDS “TARGETS”, “BELIEVES”, “EXPECTS”, “AIMS”, “INTENDS”, “WILL”, “MAY”, “ANTICIPATES”, “WOULD”, “COULD” OR “SHOULD” OR SIMILAR EXPRESSIONS OR, IN EACH CASE THEIR NEGATIVE OR OTHER VARIATIONS OR BY DISCUSSION OF STRATEGIES, PLANS, OBJECTIVES, GOALS, FUTURE EVENTS OR INTENTIONS. THESE FORWARD-LOOKING STATEMENTS ALL INCLUDE MATTERS THAT ARE NOT HISTORICAL FACTS. BY THEIR NATURE, SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER IMPORTANT FACTORS BEYOND THE COMPANY’S CONTROL THAT COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. SUCH FORWARD-LOOKING STATEMENTS ARE BASED ON NUMEROUS ASSUMPTIONS REGARDING THE COMPANY’S PRESENT AND FUTURE BUSINESS STRATEGIES AND THE ENVIRONMENT IN WHICH THE COMPANY WILL OPERATE IN THE FUTURE. FORWARD-LOOKING STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE. THERE ARE MANY FACTORS THAT COULD CAUSE THE COMPANY’S ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED IN SUCH FORWARD-LOOKING STATEMENTS. THE COMPANY EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING TO DISSEMINATE ANY UPDATES OR REVISIONS TO ANY FORWARD-LOOKING STATEMENTS CONTAINED HEREIN TO REFLECT ANY CHANGE IN THE COMPANY’S EXPECTATIONS WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED.

Back to news

Link to adobe website (opens in a new window) Most computers will open PDF documents automatically, but you may need to download Adobe Reader.

^ Top of page