China Development Bank loans millions to Kazakhstan Copper company

China Development Bank (CDB), one of the Country’s 3 policy banks, has signed 2 agreements with Kazak Copper giant Kazakhmys PLC, granting the mine and refinery operator US$1.34-B and 1-B Yuan (US$158-M)) for a new project.
According to the agreements signed Friday in Urumqi, capital city of northwest China’s Xinjiang Uygur autonomous region, both the loans, with a term of 15 yrs, will be used to fund development of a new mine in Aktogay, east Kazakhstan.

Oleg Novachuk, chief executive officer of Kazakhmys PLC, said the loans secured funding for the project.

Mining equipment would be introduced from China and part of the production would also be exported to China, said Novachuk.

Cheng Yongxu, deputy chief of the CDB Xinjiang branch, said a loan integrating USD and Yuan helped to avoid currency exchange loss for both parties, and also provided convenience for Chinese companies to export equipment and participate in the mine’s construction.

Listed in London and Hong Kong, Kazakhmys PLC is the largest Copper producer in Kazakhstan, with profits of US$1.45-B in Y 2010.

Paul A. Ebeling, Jnr.

Paul A. Ebeling, Jnr

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.

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Posted by Shayne Heffernan on Dec 18th, 2011and filed underBRIC, Copper, Latest News, Metals.You can follow any responses to this entry through theRSS 2.0Responses are currently closed, but you can trackback from your own site.