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(Alliance News) - Polymetal International PLC on Thursday said it secured up to USD75 million sustainability-linked loan from French banking giant Societe Generale SA.
By entering into the loan agreement, Polymetal has promised to commit to a series of environmentally friendly targets, including the implementation of a "comprehensive climate management system".
The FTSE 250-listed miner has also promised to reduce the amount of fresh water it used, support local communities, maintain health and safety and ensure that its tailings are stored safely.
These indicators will be monitored annually and depending on Polymetal's performance, the loan rate could change.
Polymetal, which operates mines in Russia, Kazakhstan and Armenia, now has USD155 million in sustainability-linked financing, representing 9.0% of the company's net debt.
In April 2018, it converted an existing USD80 million credit facility with Dutch bank ING Group into a sustainability performance-linked loan.
The margin of this loan was linked to an environmental, social and governance score estimated by independent agency Sustainability. In September 2018, the miner was ranked number one among its peers by Sustainability, Polymetal added.
Finance Chief Maxim Nazimok said: "With this loan we are increasing the share of sustainability-linked financing in our credit portfolio and optimising the cost of our debt. The ambitious sustainability targets linked to this loan encourage us to continue making tangible and verifiable progress in reducing our environmental footprint and improving our conduct as a responsible corporate citizen."
Separately, the company said M L S De Sousa Oliveira, a non-executive director, purchased roughly GBP89,000 worth of shares in the firm.
Oliveira bought 8,000 shares at 1,120.00 pence each. Polymetal did not state what holding in the company he now has following the purchase.
Shares in the company were 2.2% higher at 1,176.00p apiece in London on Thursday afternoon.
