Polymetal borrowed $80 mln from Eurasia Bank

Polymetal International Plc announces of the signing an irrevocable credit line for 5 years with the Eurasia Development Bank for the total amount of $80 mln.

Polymetal International Plc has signed with the Eurasia Development Bank an agreement on a 5-year irrevocable credit line with the obligation to issue the total amount of $80 mln to finance the development of the Kyzyl gold project in Kazakhstan.

The press service of Polymetal says that the attracted funds will be spent for the financing of preparation for construction in 2015 and H1 2016, including for the preparation of the technical and economic assessment and project documentation, purchase of mining equipment, geological exploration and construction of infrastructure. The period of collection of credit funds by the agreement is 18 months.