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. Last Updated: 07/27/2016

Polymetal Secures $70M Loan From UniCredit

MOSCOW — Russia's top silver miner, Polymetal, said on Wednesday that it had secured loans from UniCredit bank for a total of $70 million for 12 months at 1 month LIBOR plus a 6 percent interest rate.

"Both the interest rate and maturity of these loans prove Polymetal's ability to use the improving credit situation to optimize our debt portfolio," Vitaly Nesis, CEO of Polymetal, said in a statement.

"We continue to work on the remaining debt and plan to complete portfolio restructuring by the end of 2009."

Last month, Polymetal said it had successfully rescheduled part of its debt to June 2010 from December 2009.