Support The Moscow Times!

Polymetal Gets $400M Loan

LONDON — Precious metals miner Polymetal said Monday that it had secured a five-year credit facility with Sberbank worth $400 million.

The firm, whose profits have fallen this year due to a sharp drop in gold and silver prices, said the cash would be used to repay its existing loans and to finance operations.

The loan will extend the maturity on Polymetal's debt, which amounts to around $1.3 billion, to more than three years, the firm said.

"The extension of debt maturity … will underpin the company's strategy of returning free cash flows to shareholders," Polymetal chief executive Vitaly Nesis said in a statement.

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.