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Standard confirms Konkola loan
Standard Bank is to provide bridging finance of $500-million to Konkola Copper Mines and will underwrite an additional $700-million that will be used to finance expansion plans at the Zambian copper mine.
This is part of the bank's stated intention to expand its operations in Africa through funding infrastructure development projects on the continent.
Business Day quotes Standard Bank's head of mining, energy and infrastructure finance, Brad Breetzke as saying the $500-million would refinance shareholder loans from Konkola's parent company Vedanta Resources.
Once the $700-million expansion is complete, Konkola will be one of the world's leading copper producers and would generate much-needed export revenue for the country.
Read the full article on www.businessday.co.za/.
Read more on Konkola Copper Mines.
