MOSCOW, Jun 22 (PRIME) -- The European Bank for Reconstruction and Development (EBRD) has signed an agreement to provide a U.S. $140 million 5-year loan to silver and gold producer Polymetal International for development of the Kyzyl field in Kazakhstan, the company said in a statement on Thursday.
“Polymetal International plc…is pleased to announce that it has signed a $140 million loan agreement with the European Bank of Reconstruction and Development,” the company said.
“The EBRD loan will finance remaining capital expenditures for the Kyzyl project, which is scheduled to launch in the third quarter of 2018. The facility has an effective tenor of 5 years with a final maturity date in December 2022,” Polymetal said.
As part of the deal, Polymetal developed an environmental and social action plan together with the bank including a series of actions that will allow the company to “avoid, reduce, control, or mitigate potential environmental, health and safety, and social impacts during the construction and operation of Kyzyl,” the company said.
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