Kazakhmys obtains a loan from China Development Bank

Kazakhmys Plc, a UK-registered copper mining company whose main assets are located in Kazakhstan, has obtained a loan of $1.5 billion from the China Development Bank to develop a large scaled copper project Aktogai in the Eastern Kazakhstan, Novosti Kazakhstan reports. The respective agreement was signed on Friday December 16 in Urumqi, the Company reports. The loan is provided in two lines: one of $1.34 billion and the other of $158 million, with the funds being provided for a 15-year-long period with a three-year grace period. Copper reserves of Aktogai are estimated at about 5 million tons. The Company is working on the feasibility study and plans to complete it in 2012. In summer 2009 the Company completed a preliminary feasibility study, confirming low-cost assets located close to the infrastructure and client base in China. The Company owns 17 mines, 10 processing facilities and 2 copper smelting complexes.