On February 28, 2011 VTB Bank and Russian gold and silver miner Polymetal have signed revolving credit facility agreement with the total limit of RUB 6 billion.
According to the agreement, Polymetal will be able to draw down funds in US dollars and Russian roubles to provide financing of company’s corporate business as well as operations of its subsidiaries. The amount, interest rate and duration of each tranche will be determined at the moment of its draw-down. The maturity of each tranche should be not later than November 29, 2013.
ABOUT VTB GROUP
VTB Group is a leading Russian banking group, offering a wide range of banking services and products across Russia, certain CIS countries and in selected countries of Western Europe, Asia and Africa. As of 30 September 2010, VTB was the second largest financial group in Russia by assets (RUB 3 753 billion) and by customer accounts (RUB 1 839 billion). The Government of the Russian Federation is VTB’s main shareholder and owns, through the Federal Property Management Agency, 75.5% of its registered share capital.
Polymetal is a Russian gold and silver miner with operations and development projects in Russia and Kazakhstan. The Company produced 0.75 million of gold equivalent ounces in 2010 and is targeting to take its total production to 1.2 Moz in 2012 mostly as a result of commissioning of the new projects, all of which are now under construction. A key element of Polymetal’s strategy is creation of processing hubs with the goal to ensure the most efficient and responsible utilization of financial and human capital by treating ores and concentrates from various sources at centralized.