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Polyus signs US$150M credit facility

Russian gold producer Polyus (LSE:PLZL) has signed a five-year US$150 million credit facility with Societe Generale Corporate & Investment Banking to use for general corporate purposes.
Polyus signs US$150M credit facility Polyus signs US$150M credit facility Polyus signs US$150M credit facility Polyus signs US$150M credit facility Polyus signs US$150M credit facility

Polyus' Natalka operation

Staff reporter

The miner's first pre-export financing type credit facility is due for repayment in 2024 and has been secured by a domestic gold sales contract with an unnamed Russian bank.

Senior vice president, finance and strategy Mikhail Stiskin, said the ability to access new sources of finance was due to Polyus' "solid operational and financial performance, as well as our commitment to transparent financial reporting and adherence to best practice corporate governance".

He said the company continued to proactively manage its debt portfolio and explore new opportunities to increase financing flexibility.

In September, the miner announced a "general liquidity management" move, which comprised a large buyback, covering bonds due 2020, 2022, 2023 and 2024 at a maximum cost of $300 million.