Raiffeisen Bank Increases the Limit of the GV Gold’s Credit Facility to USD 70 M
Raiffeisen Bank has increased the limit of the credit facility provided to Taryn Gold Mining Company Joint Stock Company, a part of the GV Gold (Vysochaishy, PJSC) Group – one of the largest and fastest-growing Russian gold-mining companies. The credit facility’s limit has been increased from USD 50 M to USD 70 M. With due account of the increased limit, the credit facility will be available until 2024. The cash will be utilized for the general corporate objectives.
“GV Gold appreciates its trust-based partnership relations with Raiffeisen Bank, established over the years of our cooperation. The agreements reached serve as the evidence that the Company is viewed as the reliable participant of the market, the financially-sustainable business with clear and transparent vector of its future growth. Successful implementation of any project is largely predetermined with a choice of the financial partner. We appreciate the professional competence of the Raiffeisen Bank’s team and hope for a long-term mutually-beneficial cooperation” – noted Elena Borodkina, Head of Financial Department of GV Gold.
“GV Gold demonstrates a positive dynamics of its operating and financial efficiency results. The Company sets ambitious goals and implements important social and economic projects in the regions of Russia. We have been cooperating with GV Gold for many years, and we are ready to render further support to this Company on the way to achievement of its goals. The purpose of Raiffeisen Bank is to be a reliable partner and meet the expectations of our clients”, - commented Dmitry Sredin, Head of Large Corporate Clients Division and Investment Banking of Raiffeisen Bank.
GV Gold (Vysochaishy, PJSC) is one of the fastest growing Russian gold mining companies. It develops open pit deposits and washes gold at the country’s largest alluvial deposit. In 2019, its assets produced 260 koz of gold. GV Gold’s key operating assets are located in the Irkutsk Region and the Republic of Sakha (Yakutia). The Company operates four mines with a total capacity of 8 Mtpa of ore and holds 20 mining and exploration licenses. GV Gold boasts an extensive resource base, with JORC reserves and resources estimated at 4.4 Moz and 7.0 Moz, respectively. The Company adheres to high corporate governance standards and has a transparent ownership s ructure, with BlackRock among its shareholders (17.99%).
Raiffeisenbank is a subsidiary of Raiffeisen Bank International AG. Raiffeisenbank is one of the most reliable Russian banks, which creates financial solutions for private and corporate clients, residents and non-residents of the Russian Federation. According to Interfax-CEA, Raiffeisen Bank ranks 12th in terms of assets for the 1st half of 2020, 7th in terms of funds of individuals and 10th in terms of loans to individuals. Forbes magazine acknowledged Raiffeisenbank as the most reliable and the best bank in Russia in 2020.
Raiffeisen Bank International AG is the leading corporate and investment Bank in the financial markets of Austria and Central and Eastern Europe. In Central and Eastern Europe, Raiffeisen Bank International is represented in 13 markets and provides a wide range of financial services, including leasing, asset management and M&A support. Over 46,000 employees serve 16.7 M customers in around 2,000 locations, most of which are located in Central and Eastern Europe. Raiffeisen Bank International shares are listed on the Vienna Stock Exchange.