Sberbank to give UMMC 25 bln rbl for copper deposit development

MOSCOW, Dec 15 (PRIME) -- Russia’s Sberbank has opened a 25 billion ruble 10-year credit line to Ural Mining and Metallurgical Company’s (UMMC) for the development of the Novo-Uchalinskoye copper and cobalt deposit, the bank said in a statement on Wednesday.

“Sberbank and Uchalinsky mining and processing plant, part of UMMC Group, entered into an agreement to open a 25 billion ruble credit line. These funds will be used to develop the Novo-Uchalinskoye copper and cobalt deposit,” the bank said.

The deposit’s ore reserves are estimated at 112 million tonnes, the maximum production capacity is projected at 4.5 million tonnes of ore per year.

The bank also said it will become a strategic partner of UMMC. Under the agreement, the parties plan to develop cooperation by financing investment and export projects aimed at achieving sustainable development and environmental goals.

(73.4698 rubles – U.S. $1)

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