LONDON (dpa-AFX) - Kazakhmys Plc (KAZ.L) signed a memorandum of understanding or 'MOU' with the China Development Bank Corporation or 'CDB' to secure a $1.5 billion loan facility, to develop the major copper project at Aktogay in Kazakhstan. Further negotiations would be undertaken to move the MOU to a full loan deal by the end of 2011.
The company said this loan would be in addition to the existing CDB loan facility of $2.7 billion, which is being used for the development of the major copper project at Bozshakol and a series of mid-sized projects.
Oleg Novachuk, Chief Executive of Kazakhmys, said, 'Our two major growth projects, Aktogay and Bozshakol, should produce around 200 kt of copper in concentrate each year, equivalent to 60% of our current production, which is significant for Kazakhmys and for the growth of the metals industry in Kazakhstan.'
Copyright RTT News/dpa-AFX
© 2011 AFX News
