Russia’s Noril’sk Kombinat has secured a US$55-million loan from a Swiss-based bank to improve its operations.
The first installment of the loan, which was provided by Union Bank of Switzerland, is US$14 million and will be used to buy mining equipment from a Swedish firm. Future installments of the loan will be used to purchase ore and metallurgical processing equipment for the company’s Talnakh and Nikelvy plants. According to Noril’sk, whose operations are based in Siberia, the loan is the first step in the modernization of the company’s operations.
This loan is one of several being arranged by Noril’sk, which produces base and platinum group metals, for upgrades to its processing plants, and those banks interested in extending credit to the company must first undergo to a tender process.
— With files from the Interfax News Agency.
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