Russian Copper Company gets $1 bln in Sberbank credit lines
MOSCOW Oct 21 (Reuters) - Russian Copper Company, the country's third largest copper producer, said on Monday it had obtained $1 billion in 10-year loan facilities from Russia's biggest bank, Sberbank, to develop a new mine in the Ural mountains.
The Tominsky mine is expected to start producing copper ore in 2015 and to have an annual capacity of 28 million tonnes by 2017.
The cost of the project is estimated at 44.4 billion roubles ($1.4 billion), of which 30.2 billion roubles ($949 million) will be provided by Sberbank and the rest will come from the company's own cash reserves. No other terms of the credit line were disclosed.
Russian Copper Company, whose principal owner is its founder and chairman, Igor Altushkin, plans to boost its annual capacity by 65 percent from current levels to 330,000 tonnes of cathode copper equivalent by 2015.
This will include boosting output at the Mikheevsky mine, also in the Urals. ($1 = 31.8347 Russian roubles) (Reporting by Timur Khaludorov; Writing by Polina Devitt; Editing by Kevin Liffey)
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