Russian Copper Company and Sberbank of Russia to extend cooperation

Sberbank of Russia and Russian Copper Company (RMK) have concluded an agreement on cooperation. The document was signed by the Chairman of the Sberbank’s Ural bank Vladimir Cherkashin and Chairman of the RMK’s Board Igor Alrushkin.

The agreement is aimed at development of the long-term cooperation between the bank and RMK. Particularly, Sberbank of Russia will consider an application for financing of the Tominsk field development project and construction of an ore-dressing and processing enterprise. The value of the project is 44 billion rubles, 30 billion of which are planned to be financed on account of the bank’s funds. The construction is supposed to be carried out in two stages. The first one, which will be launched in September of 2015, provides for processing of 17 million tons of ore per year. The second one will be launched in September of 2017 and will allow the company to increase the productivity up to 28 million tons of ore per year. Besides, the construction of a leach plant with capacity of 10 thousand tons of copper cathodes per year is planned.