Russian and British banks loan US$62 million to Angolan mining complex

10 October 2006

Moscow, Russia, 10 Oct – Russian bank Vneshtorg and British-owned bank Moscow Narodny are heading a banking syndicate loan of US$62.4 million to Angolan company HydroChicapa, which is 55 percent owned by Russian diamond company Alrosa Co, official said.

The loan, which has a six-year maturity and is underwritten by Alrosa, will be used to complete a hydroelectric plant on the Chicapa river in Angola.

Construction of the plant began to supply electricity to the Catoca mining company and in order to improve the efficiency of the Catoca diamond mine.

This new funding will also serve to develop new projects in Lunda Sul province.

In 20004 the Vneshtorg bank granted a US$49.5 million loan for the construction of the hydroelectric plant. (macauhub)