BAKU, Azerbaijan, May 24
By Nargiz Sadikhova - Trend:
Polymetal, which operates in Kazakhstan and Russia, has agreed $400 million of new sustainability-linked financing with interest rates linked to the Greenhouse Gas (GHG) emission intensity reduction targets, Trend reports citing the company.
The financing consists of two loans obtained from AO Raiffeisenbank and UniCredit. Raiffeisenbank will provide a 4-year $200 million term loan with an accordion option to increase the total commitments to $400 million, while UniCredit will grant a 5-year $200 million revolving credit facility.
The two loans significantly contribute to the Company’s portfolio of sustainability-linked and green financing which now amounts to US$ 680 million and comprises approximately 40 percent of total debt.
The financing incorporates an adjustment mechanism that links the pricing for the loans to the Company’s progress on its GHG intensity reduction targets as compared to the 2019 baseline year (Scope 1 and 2).
Polymetal recently published its first Climate Change Report setting a strategic goal to reduce GHG emission intensity by 30 percent by 2030, including the intermediate target of 15 percent by 2025.
To achieve these goals, Polymetal has developed a comprehensive program that includes a wide range of projects, such as:
- Development of own solar and wind power plants at or near Polymetal operations;
- Investment in grid connections to remote assets and procurement of electricity supplies with the lowest available carbon footprint;
- Electrification of mobile mining fleet;
- Continuous improvement of energy efficiency.
Polymetal International plc (together with its subsidiaries — “Polymetal”, the “Company”, or the “Group”) is a top-10 global gold producer and top-5 global silver producer with assets in Russia and Kazakhstan. The Company combines strong growth with a robust dividend yield.
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