Finnvera plc is acting as a guarantor for Russian Copper Company's loan

28.10.2013 — News

CHELYABINSK REGION

Finland's state export credit agency, Finnvera plc, is acting as a guarantor for a loan being issued by Sberbank for Russian Copper Company. The loan will amount to 30.2 billion rubles.

RCC's press office told RusBusinessNews that the credit funds will be used to develop the Tominskoe deposit (in the Chelyabinsk region) and to build a mining and processing facility. 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 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).