Russian bank to provide $2 billion loan facility to Kazakh metallurgical company
Azerbaijan, Baku, Feb. 28 / Trend E. Kosolapova/
The Russian Sberbank will provide $2 billion loan facility to the Kazakh Metallurgical Company Eurasian Natural Resources Corporation (ENRC), the company reported on Tuesday. The corresponding agreement was signed between the parties.
"The facility, provided by Russian Sberbank, has a 5 year term with amortization commencing after 24 months," the company said.
The new funds will provide additional liquidity and will be used for general corporate purposes, including the financing of recent acquisitions and the Group's extensive CAPEX program.
Eurasian Natural Resources Corporation (ENRC) is one of the leading diversified natural resources groups with integrated mining, processing, energy, logistical and marketing operations. ENRC production assets are mainly located in Kazakhstan. Moreover, the company operates in China, Russia, Brazil and Africa (the Democratic Republic of Congo, Zambia, Mozambique and South Africa). ENRC is the world's largest producer of ferrochrome on a chrome content basis and one of the world's significant iron ore and alumina producers.
Sberbank is the largest credit institution in Russia and CIS. The founder and main shareholder of Sberbank is the Central Bank of the Russian Federation.