• Inside Labour

    Away with empty rhetoric and slogans - labour needs to focus on real issues, says Terry Bell.

  • Wrap-up: Davos insights

    Alec Hogg speaks about the top three issues at this year's World Economic Forum.

  • Netflix and SA video

    Much of Netflix's potential impact on SA has already been made, says Arthur Goldstuck.

Loading...
See More

Standard in Zambian mine loan deal

Sep 30 2011 14:12 Sapa-AFP

Related Articles

New body to police African loan standards

Zim won't get World Bank loans soon

SA loan to Swaziland delayed

Zambian mine raises pay

Metals boost Zambian copper

Zambia suspends mine ops

 
Johannesburg - Standard Bank said on Friday it has provided a $500m loan facility to Zambia's largest mining company, Konkola Copper Mines, a unit of London-listed Vedanta Resources.

The loan will be used to refinance shareholder loans from Vedanta, the bank said.

"In addition, Standard Bank is also mandated to arrange and underwrite a $700m term loan facility to fund investment that will turn the Zambian copper miner into one of the world's leading copper producers, and provide further impetus for growth in the Zambian economy," it said.

"The funding to KCM is the single largest injection into the Zambian Copper Belt ever by a bank," said Brad Breetzke, head of mining finance at Standard Bank.

Last year Vedanta announced a $674m expansion at Konkola to increase output from 2 million to 7.5 million tonnes per year.
standard bank

NEXT ON FIN24X

 

Latest Articles

8 simple ways to earn extra money Read More...
6 motivational tips to help you save this year Read More...
Invest for Income Read More...
15 Investment Tips for 2015 Read More...
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...