Chinese bank to allocate $1.5 bln loan for copper project development in Kazakhstan
Azerbaijan, Baku, Dec.17/ Trend E. Kosolapova/
Kazakh Kazakhmys Company will receive $1.5 billion from the State China Development Bank for the development of the major copper project Aktogay in eastern region of Kazakhstan, Kazakhmys reported.
The parties signed a loan agreement on Friday in Urumqi (China), the company said.
The funds will be available to spend during three years, following the satisfactory completion of the feasibility study. The agreement's final maturity is fifteen years from the date of first drawing.
The feasibility study for Aktogay has already launched and is expected to be completed by late 2012.
The Aktogay deposit is one of the leading undeveloped deposits in the world, with contained copper of nearly five millions tones. The project forecasts to reach annual production of around 100,000 tons of copper in concentrate.
Kazakhmys is a leading international natural recourses group with significant interests in copper, gold, zinc, silver and power generation. It is the largest copper producer in Kazakhstan and one of the top worldwide with seventeen operating mines, ten concentrators and two copper smelters.