VTB Bank has approved more than RUB 1.1 billion in VAT refund guarantees for Russian Copper Company. The guarantees were provided within the framework of the current agreement between VTB Bank and the company on banking guarantees, which has a fixed limit of RUB 3 billion.
“Russian Copper Company has been actively using VTB products since 2008. Several guarantee agreements and a loan agreement were signed with the Group’s companies and a number of other projects are being implemented. Our guarantees enable the company to avoid withdrawing money from its turnover for prolonged periods of time and to use its resources in the most efficient way, ” VTB Bank Management Board member Viktoria Vanurina said.
Russian Copper Company (RCC) is a vertically integrated production holding that consists of 13 plants specialising in copper ore extraction and processing, copper product manufacturing and sales (cathodes, wire rod and concentrate) and the production of precious metal ingots. The RCC plants are located in four Russian regions (the Novgorod, Orenburg, Sverdlovsk and Chelyabinsk regions) and in Kazakhstan (the Aktyubinsk Region). The second largest copper wire rod producer in Russia, RCC occupies around 22.9 percent of the market. It is also the country’s third largest copper producer with a market share of around 21 percent in 2015. RCC’s products meet strict international requirements and are highly praised by foreign consumers, including in countries of the Middle East and South Africa, in China, Europe and elsewhere. RCC projects have been included into major Russian-Kazakh strategic development programmes.