VTB Bank has signed two loan agreements with the Vysokogorsky GOK iron ore mining and processing plant to provide RUB 700 million in financing for a period of five years. The company will use the funds to finance its operations.
«Lending funds to the Ural Federal District’s largest mining corporations is the cornerstone of VTB’s business in the region. We work closely with these businesses and support their modernisation programmes.»
Deputy President and Chairman of VTB Bank Management Board
Vysokogorsky GOK chief executive Andrey Lunegov said: “The agreement with VTB Bank will enable us to develop production effectively, to the benefit of the economy of the Sverdlovsk Region as a whole.”
Vysokogorsky GOK is the oldest mining company in the Urals and one of the largest in the region. The enterprise’s main products are iron ore produced by underground mining (93% of the total), ore enrichment products (various types of concentrates and agglomerates) and by-products such as limestone, olivine rock, small rock, and sand and crushed stone mix.
The company develops several iron ore deposits – Vysokogorskoye, Yestyuninskoye, and Goroblagodatskoye, as well as the Galyanskoye limestone mine. Its main operations are based at the Magnetitovaya, Yestyuninskaya and Yuzhnaya mines, as well as at the Vysokogrosky enrichment plant, the Lebyazhinsky agglomeration plant and the crushing and enrichment facility at the Yuzhnaya mine.