Polymetal seals $77m development fund loan for POX-2 project

Polymetal has agreed a ten-year loan of RUB5.7 billion ($77 million) with the Far East and Arctic Development Fund to help finance construction of the second stage of the Amursk pressure oxidation plant.

Capital expenditures of the POX-2 project, in the Khabarovsk region of Russia, are estimated to be about $100 million, while the total investments remaining until the end of the construction are expected to amount to $312 million. The 5% fixed rate loan is repayable in equal quarterly installments from December 2023 till May 2030.