PJSC Polyus and its subsidiaries received a $70 million bilateral bank credit facility from ING at a fixed interest rate. The non-revolving facility will be repayable in a bullet payment in 2023.

Polyus plans to use the proceeds of the facility to finance its ongoing operations.

“Polyus maintains its position as a respectable borrower on international markets, despite the worsened debt markets backdrop,” said Mikhail Stiskin, senior vice president, Finance and Strategy. “The company’s balance sheet and recently optimized debt profile give us sufficient room to utilize the entire spectrum of financing instruments, including credit lines with international banks.”

Polyus is the largest gold producer in Russia and one of the top 10 gold miners globally with the lowest cost position. The group’s principal operations are located in Krasnoyarsk, Irkutsk and Magadan regions and the Sakha Republic (Yakutia).