The VTB bank is providing a gold-extracting company Omchak with a loan of 2.9 billion rubles for 7 years. The interest rate is set at 9.75%.
Susumanzoloto, the parent company of Omchak, acts as a pledger.
The board of directors approved of the loan and pledge until October 8, 2029.
Susumanzoloto will pledge 100% of Omchak shares to VTB with the value of 225 million rubles, as well as shares in some of its other companies.
Omchak is constructing a gold-extracting factory in Zabaikalye region at the Verkhne-Aliinskoye deposit. The reserves are estimated at 30 tons of gold. (Ukrainian metal)