REG-Polymetal International plc Polymetal: The first Green Loan under newly adopted Green Financing Framework

Polymetal International PKAnnouncement

02/11/2020 07:05

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   Polymetal International plc (POLY)
   Polymetal: The first Green Loan under newly adopted Green Financing
   Framework

   02-Nov-2020 / 10:00 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         2 November 2020

    

    

   Polymetal International plc

   The first Green Loan under newly adopted Green Financing Framework

   Polymetal has agreed the first US$  125 million Green Loan in the  Russian
   metals and mining industry with Societe Generale to finance investments in
   transition to  a sustainable  and low-emissions  economy under  the  Green
   Financing Framework ("the Framework").

   "We want  our  business  model  to be  sustainable  and  we  are  actively
   investing in energy efficient technologies and responsible waste and water
   management. With the first green loan, we invite lenders to contribute  to
   our ESG  goals and  we  provide comfort  to  stakeholders that  our  green
   projects and strategy are aligned with the global Sustainable  Development
   Goals", said Eugenia Onuschenko, Corporate Finance Director of Polymetal.

   "Societe Generale  is pleased  to  accompany Polymetal  one more  time  in
   breaking new grounds in  the integration of its  ESG commitments into  its
   financial strategy by structuring the  Company's first green loan in  line
   with its  recently  adopted Green  Financing  Framework. This  is  a  very
   innovative transaction in mining which was made possible by embedding  the
   Company's ESG principles  into investment decisions.  Societe Generale  is
   delighted to support Polymetal's  continuous progress towards achieving  a
   low-emissions future and more efficient use of resources", said  Stephanie
   Clement de Givry, Global Head of Mining, Metals and Industries Finance.

   Societe Generale will  provide a 6-year  loan with a  3-year grace  period
   under the Green Financing Framework which specifies eligible ESG  projects
   and criteria for their  long-term funding. The loan  can be extended to  7
   years on the first anniversary of signing.

   The loan  proceeds  will be  allocated  to projects  among  the  following
   categories: clean transportation, renewable energy, energy efficiency  and
   sustainable waste  and  water  management projects,  which  contribute  to
   Polymetal's sustainability goals and actions against climate change.

   Polymetal is responding 1  1  to climate change and transition to circular
   economy by:

     • cutting GHG intensity from its operations (by 5% by 2023 vs 2018);
     • improving energy efficiency  through innovation, including  low-carbon
       and renewable energy  technologies (7%  share of  renewable energy  by
       2025);
     • switching to dry storage of tailings (15% share by 2024);
     • reducing fresh water  use for processing  of tonne of  ore (by 11%  by
       2023 vs 2018);
     • annually recycling at least 16% of waste generated by 2023.

   Polymetal intends to fully  allocate the green  loan proceeds towards  the
   eligible green projects within 24 months from the first utilisation.

   The Framework is in line with the LMA Green Loan Principles. CICERO Shades
   of Green 2  2  has provided a Second Party Opinion and has attributed  the
   Framework Medium Green shading (out  of possible Brown, Light, Medium  and
   Dark Green)  and graded  the governance  procedures in  relation to  green
   financing as Good.

   This is  the  third sustainability-linked  loan  in the  Company's  credit
   portfolio with the share of ESG  instruments now reaching 18% of net  debt
   or US$ 280 million in total.

   The Framework and the Second Party  Opinion are available on our web  site
   at  3 link.

    

    

   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
                                              4 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
   Morgan Stanley & Co.   7425
   International plc      8000

   Andrew Foster                  RBC Europe
                                  Limited
   Richard Brown           
                                  Marcus     +44 20 7653 4000
   Panmure Gordon                 Jackson

   Daniel Norman                  Jamil Miah

   John Prior             +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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    5  1  Based on the company's sustainability targets published this year.

    6  2   7 https://www.cicero.green/.

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   ISIN:          JE00B6T5S470
   Category Code: MSCM
   TIDM:          POLY
   Sequence No.:  86957
   EQS News ID:   1144453


    
   End of Announcement EQS News Service

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References

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