Sber, Gazprombank and the Russian Copper Company signed a 195 bln rubles ($2.7 bln) syndicated loan agreement to finance the company’s project for the Malmyzhskoe copper deposit development in the Khabarovsk Region during the Eastern Economic Forum, banks said in their joint press release.
"The total amount of the syndicated loan is 195 bln rubles, including 97.5 bln rubles ($1.33 bln) - 50% of the total loan facility - to be provided by Sber. Project implementation will be a strong driver for development of the Khabarovsk Region’s economy, ramp up the Russian copper export and create several thousand jobs, since the designed mining and concentration plant will be the strongest in the country," Vice President of Sberbank Olga Kharlamova said.
The Malmyzhskoe deposit is of the global class. According to appraisal findings, its reserves are estimated at 8.32 mln tonnes of copper and 347 tonnes of gold. Implementation of the deposit development project will make possible to increase copper concentrate production in Russia by almost 30%.