ABN Amro has closed a US$35mn copper pre-export financing deal with Almalyk Mining & Metallurgical Complex, one of the largest copper and zinc producers in Uzbekistan. The facility is backed by a commercial contract for deliveries of copper cathodes to Glencore International.
ABN has acted as a sole arranger and the facility agent. The deal was successfully syndicated to four banks: KBC, Commerzbank, Natexis Banques Populaires and UFJ.
“This transaction proves that even in a difficult market like Uzbekistan, a well structured pre-export financing to a well established commodity producer can be very successful,” comments Anushavan Simonyan, head of structured export finance at ABN Amro.
Export proceeds will be paid by Glencore directly to Almalyk’s account with ABN Amro Uzbekistan.
Almalyk produces about 80,000 tonnes of refined copper and 70,000 tonnes of zinc annually. It is an integrated copper producer with its own mines, copper enrichment plant, smelter and refinery.