Kazakhmys signs $1.5bn agreement for loan facility
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.
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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely 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
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
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
FTSE 100 dividends: where to find the best yields for UK equities
FTSE 100 dividend forecasts have plateaued but investors can still find good yields in UK equities with payments expected to reach £78.6bn in 2024
By Katie Williams Published
-
Will the R&D tax credit change in the Autumn Budget?
Will Labour revise state help designed to foster R&D in the upcoming Autumn Budget?
By David Smith Published