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Polyus secures US$70M credit line from ING bank

Russia's largest gold miner, PJSC Polyus, secured a bilateral credit facility of US$70 million with ING bank that is due for repayment in 2023, the company said in a May 29 press release.

The nonrevolving facility has a fixed interest rate, and the gold miner plans to use the funds to finance ongoing operations.

In the first quarter, Polyus boosted its gold output 13% year over year to 506,500 ounces of gold due to higher production levels at the Olimpiada project.