ENRC Receives Loan from China

27 February 2011 (Last Updated February 27th, 2011 18:30)

China Development Bank has granted a loan package of about $2bn to Kazakh state-owned Eurasian Natural Resources. The loan is granted in pursuance to the deals signed between the bank and Kazakhstan's National Wellbeing Fund Samruk-Kazyna, reports Bloomberg. ENRC will alloca

China Development Bank has granted a loan package of about $2bn to Kazakh state-owned Eurasian Natural Resources.

The loan is granted in pursuance to the deals signed between the bank and Kazakhstan's National Wellbeing Fund Samruk-Kazyna, reports Bloomberg.

ENRC will allocate $1.7bn to its Sokolovsko-Sarbaiskoye GOK iron-ore unit and $400m to its TNK Kazchrome unit.

ENRC is seeking a loan to expand its production and plans to spend $2.6bn for the development of its Brazilian mine.

The firm also plans to invest in copper and cobalt in the Democratic Republic of Congo through Central African Mining & Exploration.