China National Electric Equipment, acting as contractor for the Hong Kong-listed IRC, a division of British miner Petropavlovsk, has started to build the Kimkanskoye & Sutarskoye iron ore mine in the Jewish Autonomous Region, IRC’s Russian division said in a press release Monday.
IRC is receiving a credit of $340 million from the Industrial and Commercial Bank of China for the project, which will include a processing plant as well. The company said about $90 million of a planned $400 million has already been invested.
(Interfax)
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