Russian Copper Company to receive a 30-billion-ruble loan from Sberbank

23.10.2013 — News

CHELYABINSK REGION

Sberbank, OJSC has approved a loan application from the Russian Copper Company Group for over 30 billion rubles. The funds will be used to develop the Tominskoe deposit (in the Chelyabinsk region) and to build a mining and processing facility.

RCC’s press office told RusBusinessNews that the project will cost a total of 44.4 billion rubles, which will include 14.2 billion invested from the company's own capital.

The credit lines from Sberbank will be opened for a period of up to 10 years.

The Tominskoe porphyry copper ore deposit is one of the fifty largest copper deposits in the world, with 1.5 million tons of metal reserves, or 350 million tons of ore. The mining and processing facility has a planned capacity of 28 million tons of ore per year (starting at 17 million tons during its initial stage of operation).