Russian precious metals miner Polymetal has entered into a US$100mn facility with Société Générale.

The funds will be used to repay existing loans and to finance ongoing operations.

Société Générale will earn 250 basis points over Libor on the loan.

After a one-year grace period, the funds are repayable in equal quarterly instalments over two years, with the last payment due on May 25, 2014.