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.