Metinvest receives 11.5-year EUR23.6 mln loan for Northern Mining and Processing Plant under ECA guarantees
Metinvest B.V., the parent company of the international vertically integrated mining and metallurgical group of companies Metinvest, announced the receipt of an 11.5-year buyer's credit line for EUR23.6 million for its subsidiary Northern Mining and Processing Plant (Pivnichny GOK).
According to a press release on Monday, the loan is provided by the Finnish export credit agency Finnvera. The sole arranger and lender is Deutsche Bank, which received legal support from the international law firm Norton Rose Fulbright.
The loan will be used to finance the purchase of equipment from the Finnish industrial manufacturer Metso Finland for the tailings thickening project at Pivnichny GOK.
"This transaction represents a significant milestone for the group. It reflects our commitment to longterm investment in our Ukrainian operations, particularly Northern Iron Ore. Despite ongoing security challenges, we are dedicated to preserving and potentially enhancing operational capacity, supporting workforce and advancing the environmental sustainability of our flagship iron ore asset," said Metinvest CEO Yuriy Ryzhenkov.
“Deutsche Bank is proud to support our long-standing client, Metinvest, with this important financing arrangement, in partnership with Metso, and Finnvera, to support this strategic project. This transaction highlights the strategic importance of both Metinvest and Ukraine to Deutsche Bank and reflects our continued commitment to delivering tailored financing solutions in today’s complex geopolitical environment,” said Moritz Doernemann, Global Co-Head of Structured Trade & Export Finance of Deutsche Bank.
“We are pleased to have been able to support our client Deutsche Bank on this important deal. All stakeholders worked extremely well together to navigate the unique challenges presented by the transaction and to achieve a successful result,” said David Milligan, partner at Norton Rose Fulbright.
