AGMK’s plans contains boosting each mining and ore processing amenities and the development of a brand new smelter, the state-controlled firm stated. The plan is a part of an enlargement program accepted by the federal government in 2020.
The copper, zinc, silver and gold producer stated it could borrow many of the required funds from native and international banks and likewise obtain $1 billion from a state improvement fund.
AGMK signed a deal final 12 months with Germany’s KfW IPEX-Financial institution to rearrange $2.55 billion in loans.
The worldwide copper market faces a surplus of 162,000 tons this 12 months with refined copper manufacturing of 27.3 million tons, in response to the Worldwide Copper Examine Group.
(By Mukhammadsharif Mamatkulov, Olzhas Auyezov and Polina Devitt; Enhancing by Jason Neely and Ros Russell)