Polymetal plans to invest $400Ц450 mln in production/yr in '20Ц25
MOSCOW, Sep 9 (PRIME) -- Russian gold producer Polymetal plans to invest U.S. $400Ц450 in development in 2020Ц2025 annually, Yevgeny Monakhov, head of the investor relations department, said at a forum on Wednesday.
He said that production is to rise by 17% in the period as the Nezhdaninskoye deposit in the republic of Yakutia and Veduga in the Krasnoyarsk Region will be launched, and the second pressurized tool will start to be used.
He said that the company will use its own and borrowed money to finance development. "The debt burden of the company is low and falling fast," Monakhov said.
He added that the debt to earnings before interest, taxes, depreciation and amortization (EBITDA) ratio is 1.3 and can fall below 1 as the U.S. dollar rate and gold prices change.