Seligdar takes gold loan

Anatoly Dzhumaylo, the business department observer, analyses rules of the game in lending golden loans.

Yesterday gold company "Seligdar", controlled by the "Russian Funds" Group, surprised market participants by announcing that about $ 110 million of $ 215 million attracted from VTB were confirmed as a metal loan: the company takes the gold from the bank at 7% per annum, which will be payable on the physical volume of selected metal, comparable to two-thirds of its annual output. Currency loan of $ 105 million, which is secured by the shares of the companies included in "Seligdar", will cost gold miner 7.5%.

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