PSB to finance mining industry projects

PSB provided the OKTO group of companies with financing in the amount of more than 50 billion rubles for the acquisition of gold mining assets and deposits in Yakutia and the Trans-Baikal Territory, the bank's press service reported.

The deal provides for the simultaneous purchase of 100% of the shares of Novo Shirokinsky Mine JSC from the Areal Group (formerly Highland Gold), as well as assets of the East European Mining Company, which develops gold-bearing deposits in the Khangalassky and Burustakh ore-placer nodes of the Oymyakonsky district in the Republic of Sakha.

"PSB supports the development of the domestic mining industry by providing financing for the implementation of large-scale industrial projects. The allocation of a credit limit of more than 50 billion rubles for OKTO Group is a contribution to strengthening the country's mineral resource base and modernizing key gold mining assets. I am confident that this transaction will be an important step in building up the industry's production potential, and our cooperation with OKTO will confirm the reliability of PSB as a financial partner of significant industrial initiatives for Russia, ensuring long—term resource security and creating the basis for the next stages of industrial growth," said Sergey Dobrin, Senior Vice President of PSB.

"The financing from the PSB will enable OKTO Group to achieve a strategically important goal by strengthening its position in the polymetallic ore mining and processing market. We have already developed a strategy for the development of the acquired assets, which involves significant exploration work, as well as the modernization of existing and the creation of new production facilities. This opens up new opportunities for us to increase our mineral resource base and increase production based on the introduction of new technologies. Our cooperation with PSB is an example of effective interaction between business and a financial institution, which is aimed at developing the entire industry and growing our country's economy," said Alexey Tolokonnikov, Chairman of the Board of Directors of OKTO Group.

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