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Yakutsk branch of Sberbank opened two credit lines to Seligdar for 50 million dollars and 2,8 billion rubles
The Yakut branch of the Sberbank of the Russian Federation opened two non-revolving credit lines for the sum of 50 million dollars and 2,8 billion rubles to the polymetallic holding Selindar, the press service of the holding informed.
Cash in the amount of $ 50 million is attracted by Seligdar to finance the costs of preparing for the 2015 gold mining season of the enterprises of the group of companies: Zoloto Seligdar OJSC, Sininda-1 Prospector Artel, Poisk Prospector Artel, CJSC Lunnoye and Ryabinovoye LLC. The loan in the amount of 2,8 billion rubles is intended for the development of the Ryabinovoye gold deposit in the Aldan region of the Republic of Sakha (Yakutia), as well as for the construction of the mining and processing complex of the same name, which is scheduled to be commissioned in 2016.
Due to the seasonality of gold mining (from May to November), Seligdar maintains a volume of circulating borrowings sufficient to finance production in the winter-spring period. In 2013, despite the market decline, the holding began to develop the Ryabinovoye deposit, and a year earlier commissioned two heap leaching plants in South Yakutia.