SUAL Group, one of the world's top ten aluminium producers today announces the successful conclusion of an agreement with the Export Development Canada (EDC) to provide financing for the Komi Aluminium Project.
In accordance with the agreement, EDC will provide a USD 20 million loan to finance the bankable feasibility study for the construction of an alumina-aluminium complex in the Komi Republic, as well as basic engineering studies and services.
Vladimir Kremer, Komi Aluminium's Director General, said: «This agreement is a vote of confidence from the largest western institutions which are our partners in the Komi Aluminium Project. We expect that this financing is just the first step towards EDC's much larger involvement in the project».
In August this year, SUAL Group received support from its major credit partners in the project when IFC and EBRD together with a consortium of western banks agreed to provide to the Group a $150 loan with 9 year tenor.
Notes to Editors
About Komi Aluminium
Komi Aluminium is SUAL Group's project to develop an integrated bauxite/alumina/aluminium complex. The complex is expected to achieve annual production of up to six million tonnes of bauxite, 1.4 million tonnes of alumina and 300-500,000 tonnes of primary aluminium. The Komi bauxite deposit (Timan Bauxite) is already operational and produces over one million tonnes annually.
SUAL Group has already invested over USD 150 million in the project. For more information, please visit www.sual.com.
Export Development Canada (EDC) — is a Canadian financial institution devoted exclusively to providing trade finance services to support Canadian exporters and investors in 130 developing markets. EDC extended $51.9 billion in trade finance and risk management services to finance or insure export sales and investments by 7,172 Canadian companies in 173 countries and territories. For more information, please visit EDC's Web site at www.edc.ca.