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Norilsk Nickel secures US$800M financing to develop Bystrinskoye copper project

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Norilsk Nickel secures US$800M financing to develop Bystrinskoye copper project

PJSC MMC NorilskNickel secured a credit facility of up to US$800 million for an eight-yearperiod to finance the construction of the Bystrinskoye copper-gold-iron project in Russia.

The facility was arranged by Sberbank CIB in the form of projectfinancing without recourse to Norilsk Nickel based on financial results and economicassessment of the project.

Norilsk Nickel CFO Sergey Malyshev said, "This financingis a unique deal in the Russian market … the appeal of which for the company shareholdersis further boosted with the involvement of Sberbank, a robust financial partner."

The company's First Vice President-Executive Director Pavel Fedorovindicated in January that the company will need US$700 million in investments for the project with the companyplanning to spend 40 billionrubles for the Bystrinskoye project in 2016.

In December 2015, the company sold a 13.33% stake in the Bystrinskyproject for US$100 million to a consortium of Chinese investors, named HighlandFund.

As of April 1, US$1 wasequivalent to 68.02 Russian rubles.