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Turkish miner Eti Krom to raise US$250M in Islamic bonds

Turkish ferrochrome producer Eti Krom AS tapped JPMorgan Chase & Co. to raise US$250 million from its first sale of five-year, dollar-denominated sukuk, or Islamic bonds, later this year, Bloomberg News reported Aug. 1, citing CFO Evren Ozturk.

Proceeds will be used for capital expenditures and other working expenses, Ozturk said, noting that issuing sukuk is a way for the company to boost its financial credibility in the Middle East.

Eti Krom owns 79 chrome ore mines in Turkey with total proven and probable reserves of 100 million tonnes and 150 million Mt, respectively.