Kazakhmys signs $1.5bn agreement for loan facility

Share

• Copy link
• Facebook
• X
• Linkedin
• Whatsapp
• Pinterest

Share this article

Join the conversation

Follow us

Add us as a preferred source on Google

Newsletter

Get the MoneyWeek Newsletter

Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.

Contact me with news and offers from other Future brands Receive email from us on behalf of our trusted partners or sponsors

---

By submitting your information you agree to the Terms & Conditions and Privacy Policy and are aged 16 or over.

You are now subscribed

Your newsletter sign-up was successful

---

Want to add more newsletters?

Twice daily

MoneyWeek

Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.

Signup +

Four times a week

Look After My Bills

Sign up to our free money-saving newsletter, filled with the latest news and expert advice to help you find the best tips and deals for managing your bills. Start saving today!

Signup +

---

An account already exists for this email address, please log in.

Subscribe to our newsletter

Kazakhmys has signed a memorandum of understanding with the China Development Bank Corporation for a $1.5bn loan facility which is to be used for the development of the major copper project at Aktogay, East Kazakhstan.

The facility consists of two separate agreements, the first for up to $1.34bn and the second for up to RMB1.0bn (about $158m).

The funds will be available to draw down over a three year period, following the satisfactory completion of the feasibility study, which is expected to be completed by the end of 2012.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

The facility, which has a final maturity of 15 years, is in addition to the existing CDB loan facilities of $2.7bn, secured in December 2009, which are being used for the development of Bozshakol and a series of mid-sized projects.

In a statement the firm said: "We have now secured funding for all of our current growth projects and management is focused on continuing to deliver the projects on time and on budget.

"Our strong regional relationships with Samruk-Kazyna and the China Development Bank have allowed us to put together funding for the largest mining investment programme in Kazakhstan, which will deliver additional production of around 60% of current output."

NR