Polymetal agrees to $125M green loan
Polymetal announced today it has agreed the first US$ 125 million green loan in the Russian metals and mining industry with Societe Generale to finance investments in transition to a sustainable and low-emissions economy under the Green Financing Framework.
Polymetal is a top 10 gold producer and top five silver producer.
Societe Generale will provide a 6-year loan with a 3-year grace period under the Green Financing Framework which specifies eligible ESG projects and criteria for their long-term funding. The loan can be extended to 7 years on the first anniversary of signing.
The loan proceeds will be allocated to projects among the following categories: clean transportation, renewable energy, energy efficiency and sustainable waste and water management projects, which contribute to Polymetal’s sustainability goals and actions against climate change.
"This is a very innovative transaction in mining which was made possible by embedding the Company’s ESG principles into investment decisions. Societe Generale is delighted to support Polymetal’s continuous progress towards achieving a low-emissions future and more efficient use of resources”, said Stephanie Clement de Givry, Global Head of Mining, Metals and Industries Finance.
Polymetal has over 11,000 employees.