Clifford Chance has advised the Russian Far East and Arctic Development Fund on a loan of RUB 5.7 billion (approximately USD 80 million) for the Amur hydrometallurgical plant, a subsidiary of Polymetal.
The Far East and Arctic Development Fund JSC is a subsidiary of the State Corporation VEB.RF – the Bank for Development and Foreign Economic Affairs. The fund facilitates the inflow of investments by providing preferential and long-term financing for prioritized investment projects.
According to Clifford Chance, “the proceeds will be used to partially finance the construction of the second stage of the Amursk pressure oxidation plant POX-2 in 2020-2021. POX-2 capital expenditures until the end of 2020 are estimated at approximately USD 100 million, while the total investments remaining until the end of the construction are expected to amount to USD 312 million. The loan has the tenor of ten years and a 5% fixed rate.”
Clifford Chance’s team included Partner Vladimir Barbolin, Counsel Ella Omelchenko, and Senior Associates Elena Dmitrieva and Arina Skrebkova.
