OREANDA-NEWS. Sberbank CIB, the corporate and investment banking business of Sberbank, has signed two loan agreements with Vysochaishy PJSC (GV Gold).

The first agreement opens a non-revolving credit line worth $100 mln for the company, which will be provided for five years. This deal will enable the company to make a significant cut to the group’s debt financing costs.

The second agreement involves opening a three-year revolving credit line with a limit of RUB 3 bln. These funds will be used by the company to finance the day-to-day operations of Vysochaishy PJSC and its subsidiaries.

Yan Veytsman, Managing Director, Head of the Metals and Mining Division of Sberbank, commented: “The signing of these credit lines with Vysochaishy PJSC is the next stage in cooperation between our companies. We highly value our partnerships and are always ready to provide first-class service and highly flexible financial solutions. I am certain that these deals will serve to strengthen our mutually beneficial cooperation.”

Sergey Gostev, Deputy CEO for Economics and Finance at Vysochaishy PJSC, said: “For more than 10 years GV Gold Group has consistently delivered excellent financial results. The start of cooperation with Sberbank is a testament to our correctly chosen corporate development path. We are grateful for the trust that Sberbank has placed in us and hope that this is the start of a fruitful, long-term relationship.”

Vysochaishy PJSC (GV Gold) is one of the top ten largest gold producers in Russia. In 2016 the company produced 5.1 tonnes (164,000 troy ounces) of gold.