VEB.RF and VTB Group to Finance Development of One of the World’s Biggest Platinum-Copper-Nickel Deposit
VEB.RF, VTB Group and Russian Platinum signed a memorandum of intent to finance the Chernogorsk deposit of platinum-copper-nickel ore in the Krasnoyarsk Region. The signing ceremony took place during the St. Petersburg International Economic Forum in the presence of the Russian President Vladimir Putin (a live link-up).
The memorandum was signed by: VEB.RF Chairman Igor Shuvalov, VTB President and Chairman of the Management Board Andrey Kostin and Russian Platinum President Musa Bazhaev.
The project involves building a mining and processing plant for seven million tonnes of ore per year in the Chernogorsk deposit. According to the company’s estimates, the project’s phase one investments exceed RUB190bn including long-term project finance. The project will receive financing under the Project Financing Factory programme, with VEB.RF acting as the Factory’s operator.
Igor Shuvalov, Chairman, VEB.RF :
“Jointly with VTB, we are structuring the transaction to finance the project for the construction of a mining and processing plant in the Chernogorsk deposit under the Project Financing Factory programme to minimise the risks of the project initiator and creditor at the investment and operational stages of this expensive project. All rouble-denominated tranches, including tranches from a commercial bank, are government subsidised for the entire length of the loan in respect of fluctuations in the key interest rate of Russia’s Central Bank. VEB.RF will also pay an additional tranche to cover the project budget increase and pay interest at the project’s investment stage, thus allowing the borrower to raise the classic project finance. Successful implementation of this large-scale project will make a significant contribution to the increase of exports. The project contributes towards national goals related to Russia’s export targets.
Andrey Kostin, President and Chairman of the Management Board, VTB Bank:
“The construction of a mining and processing plant in the Chernogorsk deposit is a large-scale project for the Russian Arctic zone, which will facilitate the region’s industrial and economic development. The comprehensive development of the deposit will make the Russian Platinum one of the world’s leaders in producing platinum group metals, thus strengthening Russia’s leading position in the industry and export potential. VTB Bank is making investment in the project in the form of bridge financing provided to Chernogorsk Mining Company.”
Musa Bazhaev, President, Russian Platinum:
“Development of the Chernogorsk deposit is the first stage of the project implemented by the Russian Platinum Group in the Norilsk industrial district. The next stage involves the development of the southern part of Norilsk-1 deposit. The project will create a state-of-the art industrial complex comparable in scale with existing facilities and distinguished by the use of modern technologies including resource-saving and environmental protection technologies. Russia will rank among the leaders in the global palladium and platinum market. Involvement of VEB.RF and VTB Group in the project will help to decrease the implementation period and improve ther project’s effectiveness.
Today, the Chernogorsk deposit contains 131 million tonnes of ore rich in 4E metals (palladium, platinum, rhodium, gold) - 3.19 grams per tonne, copper - 025%, and nickel - 0.20%. The project will be implemented drawing on the best standards applied in the mining and metallurgical industry as well as sustainable development principles.
The Project Financing Factory provides for financing of projects on the “80 to 20” syndication principle, with 20% being the project initiator’s own funds and 80% - borrowed funds syndicated through tranches to minimise risks of project participants.
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