Polimetall Association to Place USD 23.44 Million Worth of Bonds on Moscow Exchange

The Polimetall interregional research/production association intends to place, over 2003, USD 23.44 worth of bonds on the Moscow Interbank Currency Exchange. According to the company's press service, the funds accumulated through the transaction will be used to finance the association most promising precious metals production projects.

Polimetall intends to register the issue with the Federal Securities Commission shortly. The NOMOS-Bank will be the general agent, underwriter, and paying agent for the issue. The bonds will pay 6 semiannual step-down coupons and expectedly mature in 1092 days.

The Polimetall association was founded in 1998. Its subsidiaries include 12 mining companies based in Buryatia, the Khabarovsk Territory, Baskiria, and the Orenburg, Sakhalin, Irkutsk, Chita, and Magadan Regions. The holding company also owns two research and development institutes in St. Petersburg. Together with the Baltic Plant and the Titran plant in the town of Tikhvin producing transportation machinery, Polimetall is in turn owned by the IST group of companies. The association has 18 licenses to develop precious metal deposits in Russia, is the largest producer of silver and one of the 10 largest producers of gold in the country.

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