Uchaly Mining Company can draw 170 million US dollars at Gazprombank to finance working capital

UFA, 18 May 2015. /Bashinform News Agency, Elvira Latypova/. Shareholders of Uchaly Mining Company at an extraordinary meeting approved an opening of two credit lines at Gazprombank with a total limit of 170 million US dollars. The purpose of related loan agreements is replenishment of working capital, according to the minutes of the meeting.

The agreement to open a credit line with the debt limit of 30 million US dollars was signed on March 31. The period of the credit line use is till February 26, 2018. The principal debt is to be repaid until March 26, 2018.

The second line of credit has a limit of 140 million. Gazprombank will open a credit line for three years from the date of the loan agreement.

The interest rate will be determined separately for each tranche. The maximum amount of the actual total lump sum of the principal debt under these agreements, as well as of loan agreements between Gazprombank and LLC "UMMC-Holding" should not exceed 1.25 billion US dollars.

JSC "Uchaly Mining Company" is and enterprise of UMMC resource complex. It is engaged in mining of copper-pyrite ores and production of copper, zinc concentrate, sulfur flotation pyrite. In 2014 the Mining Company nearly tripled its net profit compared to 2013, having received 1.52 billion rubles. In February 2015 LLC "UMMC-Holding" increased its share in the Uchaly Mining Company to 52.68 percent.