Russia’s State Development Corporation VEB.RF will finance supply of Russian equipment for the largest copper processing plant in Uzbekistan.
A 712 million Euro loan agreement was signed between VEB.RF and Almalyk mining and metallurgical complex ahead of visit of President of Uzbekistan Shavkat Mirziyoyev to Russia.
The loan will be spent for construction of the copper processing plant in Almalyk.
The project will support development of Yoshlik mine and its prospective consolidation with Kalmakyr mine. The united mine will become one of the world’s biggest copper mines. The loan funds will be used for procurement Russian equipment and services under the project, financing of a part of project expenditures.
Almalyk mining and metallurgical complex (AMMC) intends to increase copper processing up to 160 million tons a year. This would allow to achieve production of copper cathodes up to 400,000 tons a year by 2028.
AMMC intends to produce around 270 tons of silver and 50 tons of gold a year by 2028.
Construction of the plant will require $2 billion. Gazprom Bank and Export Insurance Agency of Russia will be involved in financing of the project.
VEB.RF earlier provided loans to AMMC for purchase of quarry trucks and mining equipment.