$62.4 MN LOAN sanctioned for Alrosa

AS per reports Vneshtorgbank (VTB), Russias largest commercial bank, and the Moscow Narodny Bank (MNB) have furnished a $62.4 million syndicated loan for Alrosa�s Angolan subsidiary, Hydrochicapa S.A.R.L., over a period of six years.

The money will be used to finance the construction of a hydropower plant, which will supply electricity to the Catoca diamond mine in Angola.

Catoca is the fourth largest diamond mine in the world, and is owned by a consortium of international mining interests, including Endiama (32.8 per cent), Alrosa (32.8 per cent), Odebrecht (16.4 per cent), and the Diamond Finance CY BV Group (16.8 per cent).