Russia's largest silver producer Polymetal producers said that it had obtained a USD 100 million loan from Raiffeisenbank to restructure its debt.

Polymetal, which operates in Russia's Far East the Urals and Siberia said that the two year loan carries an interest rate of one month Libor +5% per annum until October 31st 2010 and subsequently 7% pa.

Vitaly Nesis CEO of Polymetal said that "We are very pleased to have refinanced yet another portion of our debt portfolio on highly favorable terms.”

Nesis said the company would continue work on the remaining debt and was on track to complete portfolio restructuring by the end of this year.

(Sourced from RIA Novosti)