EuroChem raises 8-year syndicated loan for $750 mln
MOSCOW. Sept 3 (Interfax) - OJSC Mineral and Chemical Company EuroChem has raised an eight-year syndicated loan amounting to $750 million for the development of sections of the Verkhnekamsk potassium-magnesium salt deposit in the Perm territory, the company said in a statement.
The bank syndicate includes Sberbank CIB, Credit Agricole CIB, HSBC Bank, ING Bank, Rosbank , Societe Generale and UniCredit Bank.
EuroChem won an auction in 2008 for the Palashersky and Balakhoncevsky areas with JORC proven and probable reserves totaling 420 million tonnes and the measured and indicated resources amounting to over 1 billion tonnes.
Production, scheduled to begin in 2017, will total 2.3 million tonnes per year in the first stage, increasing to 3.7 million tonnes in the second stage. The operator of the project is LLC EuroChem-Usolsky Potash Complex.
Project investments will total about $3 billion.
