NEWS AND EVENTS
September 25, 2013
AGMK to invest US$25.7m to reconstruct zinc plant
Almalyk Mining and Metallurgy Combine will investment US$25.7 million to reconstruction of zinc plant, the resolution of the Government of Uzbekistan said.
Cabinet of Ministers of Uzbekistan issued a resolution “On measures on realization of investment project “Reconstruction of zinc plant”.
The document was adopted to expand the volume of production of competitive zinc products due to more effective use of own raw resource base.
The Government approved feasibility study of investment project “Reconstruction of zinc plant” with total capital investments for US$25.7 million. The object will be commissioned in the fourth quarter of 2014.
Investment project will be financed due to own resources of AGMK for US$9.3 million, including special investment accounts, and loan of the Ipoteka Bank for US$16.4 million.
The loan will be issued for seven years, including three-year grace period. Interest rate on the loan set at 6% APR.
The resolution said that AGM is a debtor and an executive body, which is responsible for project implementation, targeted and effective use of attracted loan.
AGMK will cover all expenses related to repaying and servicing of the loan due to own resources, including special investment accounts.
The Government provided right to AGMK, as an exception, to carry out construct-assembly works due to own forces and attract sub-contractors on direct agreements at necessity.