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VTB financed Niman Gold Digger for 270 million rubles
VTB Bank has provided Niman artels with financing in the amount of 270 million rubles. The money will go to prepare for the 2019 mining season of the year.
VTB issued a loan under the “Golden Program”, which takes into account the specifics of working with subsoil users. The program includes seasonal (for the upcoming gold mining season) and medium-term financing for a period of one to four years for the renewal of the equipment park, geological exploration, and the development of deposits.
Repayment of the loan occurs after the sale of mined metal to the bank or on the market. According to the press service of VTB, a favorable condition is the ability to independently determine the date of sale of gold, depending on the current market conditions. The sale of mined metal to the bank increases the financial rating of the artel and reduces the price of financing under the “Golden Program”. Also, subsoil users can take advantage of "credit holidays" - a delay of more than six months on interest payments.
“Gold mining is one of the key industries in the region, with which VTB has been successfully cooperating for a long time. The financing will allow our client, the Niman artels, to implement their seasonal plans for mining the precious metal and pay off contractors and employees in a timely manner, ”commented Evgeny Orlov, vice president and manager of VTB Bank in Khabarovsk Krai.
In 2018, VTB purchased about 370 kg of gold from the Niman artel, and according to the results of the 2019 mining season, it plans to increase this figure to 400 kg.