Baikal Mining Co says borrows $1.4Ц1.45 bln to build Udokan plant - Metals & Mining - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

Baikal Mining Co says borrows $1.4Ц1.45 bln to build Udokan plant

MOSCOW, Jan 29 (PRIME) -- Baikal Mining Company belonging to billionaire Alisher Usmanov will take a U.S. $1.40Ц1.45 billion loan from Russian banks to finish construction of a plant at the Udokan copper deposit, Chairman of the Board of Directors Valery Kazikayev said at a mining congress on Tuesday.

УWe have invested about $900 million of own funds, and literally yesterday, three key banks -- Sberbank, Gazprombank and VEB.RF (Vnesheconombank) -- agreed to finance $1.40Ц1.45 billion in the first stage of construction,Ф Kazikayev said.

The Udokan deposit is one of the worldТs largest copper deposits located near the Baikal. The depositТs mineral resources are estimated at 2.3 billion tonnes with an average copper content of 1.06%, and copper of 24.6 million tonnes under JORC. The first stage is planned to be launched in 2022, and investments are estimated at $2.1 billion.

End

29.01.2019 11:30
 
 
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