25th Apr 2018 09:24
LONDON (Alliance News) - Russian gold producer Polymetal International PLC said Wednesday that it has decided to convert its existing USD80 million credit facility with ING into a sustainability performance-linked loan from the Dutch bank.
Under the amended loan, Polymetal has committed to making further improvements to its environmental, social and governance performance. Progress on specific goals will be measured by research agency Sustainalytics. If the Sustainalytics score for Polymetal improves, the interest rate for the loan will be decreased and conversely the interest rate will increase if the score deteriorates.
"This collaboration with ING complements Polymetal's strategy. We believe that incorporating sustainability metrics into every aspect of our business, from daily operations to corporate financing, is key to creating value for our stakeholders and results in superior performance," said Chief Financial Officer Maxim Nazimok.
Shares in Polymetal were trading 2.0 lower at 697.40 pence.
Related Shares:
POLY.L