The European Bank for Reconstruction and Development (EBRD) has signed an agreement to provide a $140 million 5-year loan to silver and gold producer Polymetal International to develop the Kyzyl field in Kazakhstan, the company said in a statement on June 22.
“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 would 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. (Prime/Ukrainian metal)
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