UPDATE2: VTB agrees to assist Russian Platinum in deposits development
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MOSCOW, Dec 21 (PRIME) -- VTB Group has agreed to assist Russian Platinum in the development of the Chernogorskoye deposit and the southern part of Norilsk-1 deposit in the Krasnoyarsk Region, VTB said in a statement on Wednesday.
The bank’s First Deputy CEO Yury Solovyov said VTB can receive up to 20% in the project company and will act as a financial advisor of Russian Platinum for attracting international investors. The deal also encompasses project financing from VTB and other financial organizations.
VTB CEO Andrei Kostin said the participation in the project is an attractive financial investment for the bank in the long-term.
Solovyov also said that combined shareholder financing of the project will exceed U.S. $1 billion, while foreign borrowings will stand at several billion.
He also said that Asian investors were showing interest in joining the shareholder capital of Russian Platinum’s platinum projects.
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