Polymetal has completed the divestment of its Russian business on 7 March 2024. Please see the relevant announcement at the link. Operating and financial results as well as other information on this website until 7 March 2024 represent the Group in its former organizational structure, i.e. including Russian business, unless otherwise stated.

24 May 2021

Polymetal has agreed US$ 400 million of new sustainability-linked financing with interest rates linked to the Greenhouse Gas (GHG) emission intensity reduction targets. The financing consists of two loans obtained from AO Raiffeisenbank and UniCredit.

Raiffeisenbank will provide a 4-year US$ 200 million term loan with an accordion option to increase the total commitments to US$400 million, while UniCredit will grant a 5-year US$ 200 million revolving credit facility.

The two loans significantly contribute to the Company’s portfolio of sustainability-linked and green financing which now amounts to US$ 680 million and comprises approximately 40% of total debt.

The financing incorporates an adjustment mechanism which links the pricing for the loans to the Company’s progress on its GHG intensity reduction targets as compared to 2019 baseline year (Scope 1 and 2). Polymetal recently published its first Climate Change Report setting a strategic goal to reduce GHG emission intensity by 30% by 2030, including the intermediate target of 15% by 2025.

To achieve these goals, Polymetal has developed a comprehensive programme that includes a wide range of projects, such as:

  • Development of own solar and wind power plants at or near Polymetal operations;

  • Investment in grid connections to remote assets and procurement of electricity supplies with the lowest available carbon footprint;

  • Electrification of mobile mining fleet;

  • Continuous improvement of energy efficiency.

“Fast-growing share of sustainability-linked financing in Polymetal’s overall debt portfolio reflects our strong focus on sustainable development including a gradual reduction of the company’s carbon footprint. Combating climate change by increasing energy efficiency and using renewable energy is among our strategic priorities, and the company is actively using ESG-linked financing instruments to facilitate this transition”, said Maxim Nazimok, CFO of Polymetal.

“Raiffeisenbank has in-depth expertise in financing sustainable projects. Working with companies dedicated to environmental and social governance principles is our key priority. Polymetal has a significant portfolio of sustainability-linked and green projects. Recently the company published its first Climate Change Report setting a strategic goal to reduce its carbon footprint. We're proud to have the confidence of such a partner as Polymetal, and we will support the company in achieving ambitious plans of improving environmental conditions”, stated Dmitry Sredin, Managing Director, Head of Large Corporate and IB Divisions at Raiffeisenbank.

“The expertise and experience, that we bring to the Russian market, integrates the best practice accumulated in sustainable finance by UniCredit internationally. We know that there is no one size fits all solution and are committed to always deliver best-in-class products and solutions to our clients based on in-depth industry knowledge and our strong ESG competence. This deal with our long-standing customer Polymetal is a fantastic example of this effort and of our continued collaboration with our clients in the transition to a low-carbon economy”, said Vadim Aparkhov, Member of the Management Board of AO UniCredit Bank.

Back to press releases

Download release PDF (218 KB) Re-domiciliation Q&A
Investor Relations Contacts

Tel. +44.20.7887.1475

Evgeny Monakhov

Tel. +7.7172.476.655

Kirill Kuznetsov
Send mail

You are downloading Integrated Annual Report . Please note that some ESG data are available in Sustainability Performance Data 2021 (GRI and SASB) that outlines our key non‑financial performance information for financial year 2021. While the selected annual report is being downloaded, we want to draw your attention to the Sustainability Report. It provides detailed information on ESG indicators.

While the selected files are being downloaded, we want to draw your attention to the reports on the sustainable development of the company. They provide detailed information on ESG indicators.

You can also download historical data on sustainable development.