State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and Closed Joint Stock Company CHEK-SU.VK entered into an Agreement on Opening a Credit Line.

On behalf of Vnesheconombank the Agreement was signed by Management Board Member – Vnesheconombank Deputy Chairman Anatoly Ballo, on behalf of CJSC CHEK-SU.VK – by its General Director Alexei Suvorov.

Under the Agreement, funds to be made available by Vnesheconombank are intended for financing a project aimed at building a mining and smelting complex to mine and enrich manganese ore and manufacture ferroalloys as well as at developing the Usinsk manganese ores deposits (the Kemerovo region) and building a ferroalloy factory (the city of Krasnoyarsk). The project’s total value is estimated at 22 billion rubles.

The project provides for building:

• mining-enrichment integrated works facilities in the vicinity of the Usinsk deposits (two mines, an enrichment factory, facilities of internal production and social infrastructure);
• facilities of external infrastructure in the Republic of Khakasia ( a tote road, power transmission lines and a transshipment terminal);
• a number of smelting production facilities in the city of Krasnoyarsk ( a smelting shop, a melting stock treatment shop, storage facilities, production infrastructure facilities).

 Completion of enrichment factory mines and commissioning of smelting production are scheduled for 2013, rated capacity of the mining-enrichment integrated works is to be reached in 2016.

The implementation of the project would contribute to import substitution of manganese alloys supplies to the Russian Federation and would create more than 2500 new jobs in the Kemerovo region, the Republic of Khakasia, the Krasnoyarsk Territory.

The project is included in the list “Main Investment Projects of Smelting Industry Enterprises Provided for by the Strategy for the Development of Russia’s Smelting Industry for a Period of up to the Year 2020 approved by the Russian Ministry of Industry and Trade.

This Agreement was made to build on the agreement signed earlier on cooperation between Vnesheconombank, the Council of the Krasnoyarsk Territory Administration and CJSC CHEK-SU.VK.

Closed Joint Stock Company CHEK-SU.VK was established in April 2002 in the city of Mezhdurechensk. CJSC CHEK-SU.VK is a mining and smelting company whose core activity is to mine manganese ores and produce manganese alloys (ferroalloys, ferromanganese, silicomanganese).

State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ was established in 2007 in accordance with the Federal Law “On the Bank for Development” on the basis of Vnesheconombank of the USSR. Smelting industry development is one of Vnesheconombank’s sectoral priorities.

Origin: Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru