Kazakhmys has signed a memorandum of understanding (MoU) with the China Development Bank Corporation (CDB) to secure a $1.5bn loan that will be used to develop the copper project at Aktogay, Kazakhstan.

The loan will add to the existing CDB’s $2.7bn loan facility, which is being used for the development of the Bozshakol copper project and a series of other mid-sized projects.

Kazakhmys CEO Oleg Novachuk said the funding will be used to develop the project at Aktogay and to retain full ownership of the asset.

The projects at Aktogay and Bozshakol are expected to produce around 200 kiloton of copper in concentrate per annum, which is equivalent to 60% of the firm’s current production.