REG-Polymetal International plc Polymetal: 10-year loan with Far East Development Fund for POX-2 construction

Polymetal International PKAnnouncement

12/05/2020 07:05

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   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.

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   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
                                  Polymetal
                                              1 ir@polymetalinternational.com
   FTI Consulting                 Evgeny
                          +44 20  Monakhov   +44 20 7887 1475 (UK)
   Leonid Fink            3727
                          1000    Timofey     
   Viktor Pomichal                Kulakov
                                             +7 812 334 3666 (Russia)
                                  Kirill
                                  Kuznetsov
       Joint Corporate Brokers         
                          +44 20
                          7425
   Morgan Stanley & Co.   8000
   International plc
                           
   Andrew Foster                  RBC Europe
                                  Limited
   Richard Brown
                                  Marcus     +44 20 7653 4000
                                  Jackson
                           
   Panmure Gordon                 Jamil Miah
                           
   James Stearns
                          +44 20
                          7886
                          2500

   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.

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   ISIN:          JE00B6T5S470
   Category Code: MSCM
   TIDM:          POLY
   Sequence No.:  63084
   EQS News ID:   1041175


    
   End of Announcement EQS News Service

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References

   Visible links
   1. mailto:ir@polymetalinternational.com


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