The loan was repaid ahead of schedule
Alrosa has repaid a $370 million bank loan to JSC UniCredit Bank.
The Russian mining company took out the loan in April 2014. With the loan repayment, the company’s debt has been reduced to $2.3 billion.
“As part of the consistent implementation of the balanced strategy of liquidity management and deleveraging, we repaid bank loan from JSC UniCredit Bank ahead of schedule,” said Igor Kulichik, chief financial officer and vice president of Alrosa, in a statement. “Early debt repayment became possible due to increased free cash flow, which is related to main products sales recovery in 2016.”