Metalloinvest, a leading global iron ore and hot briquetted iron (HBI) producer based in Russia, has announced that it has signed long-term credit facility agreement with Paris-headquartered Crédit Agricole Corporate and Investment Bank for funding of an investment project at its subsidiary Lebedinsky GOK.
The company stated that the 12-year funds worth €72 million will be used to purchase equipment from Germany-based TAKRAF GmbH, a part of Italian engineering group Tenova, for the construction of a cyclical and continuous transportation system for the open pit mine at Lebedinsky GOK.
According to Metalloinvest, the project anticipates operational efficiency improvement of open pit development and a decrease in production costs of iron ore concentrate.