Banks have provided the first tranche under the design financing to develop the Udokan copper deposit in the amount of 340 million rubles.
Subsequent funds will be provided according to the construction schedule.
The total cost of the project is some $3 billion, of which $1.79 billion is a loan for 12 years. The loan will be provided by Gazprombank and Sberbank ($650 million each) and VEB RF ($490 million). (Ukrainian metal)