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VTB Bank became the sole lender of Mikheevsky GOK

The organization provided the RCC Group with loans in the amount of 40 billion rubles and 82.7 million euros

VTB Bank provided the Russian Copper Company Group (RCC Group) with loans in the amount of 40 billion rubles and 82.7 million euros. The funds were provided for a period of 5 years to finance the expenses of Mikheevsky GOK JSC on the acquisition of 100% shares in the authorized capital of Invest Development LLC, as well as to refinance the existing debt of Mikheevsky GOK JSC and Invest Development LLC on loans to other banks. As a result of the transaction, VTB Bank became the sole lender of Mikheevsky GOK JSC.

Maksim Shchibrik, Vice President for Finance of the Russian Copper Company:

«Mikheevsky GOK is the flagship enterprise of the mining division of the RCC Group and one of the industry leaders in terms of technical equipment, efficiency and operational safety. The funds will allow the acquisition of a production asset and increase its own production of copper concentrate at Mikheevsky GOK, optimize the loan portfolio of Mikheevsky GOK JSC and refinance the external liabilities of Invest Development LLC. This deal with VTB Bank is a new step in the development of bilateral relations between the Bank and the RCC Group, evidence of a positive assessment of the strategy for the development of mining assets being implemented by the RCC Group».

Dmitry Snesar, head of the department for work with clients of market sectors of VTB Bank:

«VTB is a leader in the lending market for large companies and corporations and always offers to clients the most favorable terms of cooperation, which help businesses to implement their development strategies and operational plans. This is especially important in a situation of external crisis, which negatively affects not only companies, but also the regions in which they are located. Today Mikheevsky GOK is one of the key taxpayers in the Chelyabinsk region, supporting the region's economy and providing jobs for more than 2 thousand people. The enterprise is one of the most modern and large projects for the mining and processing of copper ore. The management of the RCC Group actively invests in the development of its own assets. And we, as a bank and a reliable partner, feel our responsibility to maintain the well-being of not only the business, but also the people employed in it».

Mikheevsky GOK was built in 2014 in the Varnensky district of the Chelyabinsk region for the development of the deposit of the same name, which is one of the fifty largest copper deposits in the world. The reserves of the Mikheevsky deposit are estimated on 12/31/2020 at 629 million tonnes of ore. In 2021, Mikheevsky GOK JSC increased its production capacity by acquiring 100% of shares in the authorized capital of Invest Development LLC, which owns a processing plant with a capacity of 9 million tons of ore per year. As a result of the deal, Mikheevsky GOK's ore processing capacity increased by 50% to 27 million tonnes of ore per year.

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