Kazakhmys secures $2.7bn loan

Kazakhmys has secured up to $2.7bn loan from the China Development Bank Corporation and Samruk-Kazyna to develop growth projects. Around $2bn of the fund will be used to develop the Boschekul copper project, while $100m will be used to fund the Bozymchak gold/copper project.The remaining $600m is available for signing over the next 3 years and will be allocated to other growth projects once committed."We are delighted to have reached an agreement with Samruk and the CDB that gives us flexible, long dated financing to deliver our major growth projects," said chairman Oleg Novachuk."The transaction demonstrates our strong regional relationships and ability to raise significant funding in a challenging global market environment."