Polymetal: 10-year loan with Far East Development Fund for POX-2 construction (1041175)
12 Mayo 2020 - 1:00AM
UK Regulatory
Polymetal International plc (POLY)
Polymetal: 10-year loan with Far East Development Fund for POX-2
construction
12-May-2020 / 09:00 MSK
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
Release time IMMEDIATE LSE, MOEX, AIX: POLY / ADR: AUCOY
Date 12 May 2020
Polymetal International plc
10-year loan with Far East and Arctic Development Fund for POX-2
construction
Polymetal is pleased to announce that it has agreed a 10-year loan of RUB
5.7 billion (US$ 77 million at the current exchange rate) at 5% fixed rate
with the Far East and Arctic Development Fund (the "Fund").
The proceeds will be used to partially finance construction of the second
stage of the Amursk pressure oxidation plant (POX-2) in 2020-2021. POX-2
capital expenditures until the end of 2020 are estimated at approximately
US$ 100 million, while the total investments remaining until the end of the
construction are expected to amount to US$ 312 million. The loan has the
tenor of 10 years and repayable in equal quarterly installments from
December 2023 till May 2030. POX-2 full ramp-up is scheduled for Q4 2023.
POX-2 is also a resident of the Territory of the Advanced Social and
Economic Development under an investment activity agreement with the Far
East Development Corporation ("FEDC"), which provides a number of tax and
other benefits.
"We welcome the Fund's involvement in the POX-2 project as a significant
financing partner. Our project is important for the entire Far East region,
and we are pleased to secure long-term low-cost financing with a smooth
repayment profile", said Vitaly Nesis, Group CEO of Polymetal. "Besides
that, I would like to highlight the administrative support from FEDC which
is essential for the project".
About the Fund
JSC "Far East and Arctic Development Fund" is a subsidiary of the State
Corporation "VEB.RF" (Bank for Development and Foreign Economic Affairs).
The Fund facilitates the inflow of investments by providing preferential and
long-term financing for prioritized investment projects. The total assets of
the Fund amount to RUB 80.8 billion. The Fund's portfolio comprises 17
projects in various industries with total value of RUB 488 billion.
About FEDC
JSC "Far East Development Corporation" is a managing company of the
territories of the advanced social and economic development within the Far
Eastern Federal District and the Free Port of Vladivostok.
About Polymetal
Polymetal International plc (together with its subsidiaries - "Polymetal",
the "Company", or the "Group") is a top-10 global gold producer and top-5
global silver producer with assets in Russia and Kazakhstan. The Company
combines strong growth with a robust dividend yield.
Enquiries
Media Investor Relations
FTI +44 20 3727 Polymetal ir@polymetalinternational.com
Consulting 1000
Evgeny +44 20 7887 1475 (UK)
Leonid Fink Monakhov
Viktor Timofey
Pomichal Kulakov
+7 812 334 3666 (Russia)
Kirill
Kuznetsov
Joint Corporate Brokers
Morgan +44 20 7425 RBC +44 20 7653 4000
Stanley & 8000 Europe
Co. Limited
Internationa
l plc
Marcus
Jackson
Andrew
Foster
Jamil
Miah
Richard
Brown
Panmure
Gordon
+44 20 7886
2500
James
Stearns
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.
ISIN: JE00B6T5S470
Category Code: MSCM
TIDM: POLY
Sequence No.: 63084
EQS News ID: 1041175
End of Announcement EQS News Service
(END) Dow Jones Newswires
May 12, 2020 02:00 ET (06:00 GMT)
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