Polymetal International Plc agreed to extend its existing US$400 million credit facility with Sberbank for 7 years until June 2024.

The original US$400 million loan facility dated back to November 2013 and provided for bullet repayment in November 2018.

The effective tenor of the facility will be five years, according to the June 5 release.

Meanwhile, Polymetal entered into a strategic partnership agreement with Sberbank on cooperation in banking and related services.

The Russian miner recently acquired another 25% stake in the Dolinnoye gold project in Kazakhstan for US$1.6 million, bringing its total share to 50%.