EDB and Russian Copper Company sign a letter of intent

Astana, 4 October 2016. Eurasian Development Bank (EDB) and Russian Copper Company (RCC) signed a letter of intent today in Astana. The document was signed by Dmitry Pankin, Chairman of the Management Board at EDB, and Vsevolod Levin, President of RCC.

The agreement envisions cooperation between the parties in respect of a copper and zinc production project at the Kundyzy deposit in Aktobe Region, Kazakhstan.

The letter of intent confirms EDB's interest in financing the project for a total of up to US $100 million for ten years. The detailed terms of finance will be discussed further and set forth in separate agreements.

The project intends to construct an open-pit mine to extract up to 2 million tonnes of copper and copper-zinc ores at the Kundyzy deposit in Kazakhstan, as well as on-site and related infrastructure. It is expected to promote the advancement of RCC as an interstate group of companies as well as mutual investments between Russia and Kazakhstan.

"The project will invest in Kazakhstan's division of one of Russia's top non-ferrous metal producers. Almost a quarter of products will be sent to Russia's metallurgical plants for processing into marketable zinc, thereby promoting intercountry cooperation," Dmitry Pankin, Chairman of the Management Board at EDB, stated.

Additional Information about the Bank:

Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. EDB's charter capital totals US $7 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.

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