VTB Bank has issued a loan of RUB 1.5 billion maturing in nine months to Russian Copper Company as part of an existing credit facility to finance the company’s operations.
"We think that Russian Copper Company has big development potential. The loans our bank has provided will help it to increase its production capacity, modernise existing facilities and introduce innovative technology," said Yuri Soloviev, First Deputy President and Chairman of VTB Bank Management Board.
Russian Copper Company (RMK) was founded in 2004. It ranks third in cathode copper production and second in copper wire rod production in Russia. Currently, it accounts for 16% of copper production in Russia and about 1% of global copper production.