EDB to provide US $80 million to Polymetal for a project in Kazakhstan
Almaty, 11 December 2014. Eurasian Development Bank (EDB) and Polymetal signed a US $80 million non-revolving credit facility agreement to finance the development of the Kyzyl gold project in Kazakhstan.
The facility will be used to finance pre-construction expenses in 2015 and in the first six months of 2016, including the preparation of the feasibility study and design documents, purchasing of mining equipment, and investments in exploration and infrastructure. The drawdown period is 18 months.
The loan will be repaid in equal quarterly instalments starting from April 2018 with a final maturity date of 2 April 2020.
“The signing of the credit facility agreement with EDB is another important milestone in the development of the Kyzyl gold project and strengthens our long-term relationship which we expect to lead to further future cooperation with EDB on this project”, said Vitaly Nesis, CEO of Polymetal.
“This deal is another step in the development of our bilateral relationships with Polymetal. Despite a challenging macroeconomic environment, Eurasian Development Bank continues to finance projects in such a complex and capital intensive sector as mining,” says Gennady Zhuzhlev, Deputy Chairman of the Management Board at EDB.
Additional Information
Polymetal is Russia’s leading gold producer and one of the world’s largest silver producers. The company is engaged in precious metal exploration and production in four Russian regions (Magadan and Sverdlovsk Regions, Khabarovsk Krai, and the Chukotka Autonomous Okrug) and in Kazakhstan. Read more athttps://www.polymetalinternational.com/
Eurasian Development Bank is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth and the expansion of mutual trade and other economic ties in its member states. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.
Read more at https://www.eabr.org.