Polymetal granted loan to kickstart POX second stage

13th May 2020

By: Donna Slater

Features Deputy Editor and Chief Photographer

     

Font size: - +

Russia-based gold and silver miner Polymetal has agreed a ten-year loan of $77-million, with the money being partially used to finance construction of the second stage of the miner’s Amursk pressure oxidation plant (POX-2) in 2020/21.

The loan is based on at 5% fixed rate, and is taken with the Far East and Arctic Development Fund.

The Amursk POX plant hub currently comprises two high-grade refractory gold deposits – Albazino and Mayskoye – and three processing facilities – the Albazino and Mayskoye concentrators – and the Amursk hydrometallurgical plant that uses POX technology for processing refractory ore.

POX-2 full ramp-up is scheduled for the fourth quarter of 2023.

POX-2 capital expenditures until the end of 2020 are estimated at about $100-million, while the total investments remaining until the end of the construction are expected to amount to $312-million. The loan has a tenor of ten years and is repayable in equal quarterly instalments from December 2023 until  May 2030.

The POX-2 is also a member of the Territory of the Advanced Social and Economic Development under an investment activity agreement with the Far East Development Corporation, which provides a number of tax and other benefits.

Polymetal CEO Vitaly Nesis says the POX-2 project is important for the entire Far East region. “We are pleased to secure long-term, low-cost financing with a smooth repayment profile.”

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION