Kazakhmys gets $1.5bn loan from China

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Kazakhmys gets $1.5bn loan from China

China Development bank will be helping out FTSE with boosting production of their copper mine by as much as 60% to meet growing demand from China, but lending them $1.5 billion.

“Chinese companies already control one-fifth of Kazakhstan’s oil production and they are expanding their presence more and more,” said Bulat Abilov, co-founder of the Azat party. “What’s going on at the oilfields is a threat to the independence of the country and national security.”

“We are delighted to be developing our relationship further with CDB. This funding will allow us to develop Aktogay and yet retain full ownership of the asset,” said Oleg Novachuk, Kazakhmys chief executive.

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