Eurasian Resources Group, Bank of China ink $150 mln agreement on pre-export financing of copper cathode supply for Glencore

ASTANA. Sept 3 (Interfax) - Eurasian Resources Group (ERG) has concluded a pre-export financing agreement with the London-based branch of Bank of China Limited and Glencore International AG on the supply of copper from Metalkol, which is ERG's enterprise in Congo, ERG said in a Tuesday press release.

"The terms and conditions of the agreement will enable the Group to raise a loan facility of up to $150 million to replenish its working capital and finance its general corporate expenditures. The pre-export financing mechanism is based on the agreement with ERG's enterprise Metalkol on the supply of copper cathode," the press release says.

The agreement on copper supply will strengthen ERG's portfolio of commercial contracts with international partners, as well as the Group's strategy to support the economic growth of the Democratic Republic of Congo, which recently became the world's second largest copper producer, according to the press release.

Eurasian Resources Group (ERG) was created in 2014 on the basis of Eurasian National Resources Corporation (ENRC) and is registered in Luxemburg. The company owns ferroalloy, iron ore, aluminum, coal and power generation enterprises in Kazakhstan; it also controls copper and cobalt assets in Africa and carries out an iron ore mining project in Brazil.

ERG's major assets in Kazakhstan include Kazchrome, Sokolov-Sarybai Mining Production Association (SSGPO), Aluminum of Kazakhstan, Kazakhstan Aluminum Smelter, Eurasian Energy Corporation, Shubarkol Komir and TransCom.

Glencore is a diversified company, one of the world's largest commodity traders, operating in more than 35 countries.

Bank of China is one of the "big four" banks in China, headquartered in Beijing.