- Mining company Polymetal International said it had sourced a loan from the Far East and Arctic Development Fund for the development of its Amursk processing facility in Russia.

The company had agreed to a 10-year loan of RUB 5.7bn, or $77m at the current exchange rate, at a 5% fixed rate.

The proceeds will be used to partially finance construction of the second stage of the Amursk pressure oxidation plant in 2020-2021.

Full ramp up of the plan was scheduled for the fourth quarter of 2023.

'Our project is important for the entire Far East region, and we are pleased to secure long-term low-cost financing with a smooth repayment profile,' chief executive Vitaly Nesis said.

At 9:57am: [LON:POLY] Polymetal International PLC share price was -81.75p at 1576.25p

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