JSC EXIMBANK OF RUSSIA and JSC “Sredneuralsk Copper Smelter” have signed a credit facility of 10 bln RUB under the Cooperation Program of Russian Export Center Group (REС) and UMMC Group.
JSC EXIMBANK OF RUSSIA, a banking financing vehicle of REС Group, has provided a pre-export financing facility in a form of a revolving credit line, up to 10 bln RUB, to JSC “Sredneuralsk Copper Smelter” (JSC “SUMZ) being a part of UMMC Group.
The financial solution offered by REС Group is to assist in financing costs required to boost export activities. Export sales play a great role in UMMC Group activities and that enables the company to consider the full range of services offered by JSC EXIMBANK OF RUSSIA and JSC EXIAR.
“REC Group keeps on expanding the cooperation with the metals industry of which JSC “SUMZ” (a part of UMMC Group) is an integral part. Financing export operations is always facing increased risks especially under the current conditions. Having said that, we do realize that pre-export financing allows companies to reallocate and exploit their resources more efficiently, channeling them, for example, into improving their production assets and technologies, boosting R&D activities and developing new goods. Thus, pre-export financing is not just a credit product but rather a strategic cooperation between the lender and the borrower. Cooperation with UMMC Group as a top-tier borrower fully fits into our strategy of developing and expanding partnerships with the key industry players”, said Nikita Gusakov, the Senior Vice-President of JSC REC Group.
“This deal is a landmark not just for our company but for the entire Russian market as it is a great indicative of tangible measures of the support to export oriented companies provided by REC, which is of a particularly high importance under the current conditions when the global economic situation is uncertain.
We would like to emphasize the professionalism displayed by REC team and JSC EXIMBANK OF RUSSIA.
For us, it has been the second project to be implemented together with REC Group in recent times. In both related projects of JSC “SUMZ” and JSC “Uralelektromed” our partners have proved to be professionals of a high caliber”, stated Andrey Kozitsyn, CEO of JSC UMMC.
JSC “SUMZ” is the largest primary copper smelter in the Ural region and one of UMMC Group enterprises.
Ural Mining and Metallurgical Company (UMMC) is a Russian holding company focusing on mining and metallurgy. It is the biggest producer of copper, zinc, coal and precious metals in our country and encompasses over 40 enterprises both in Russia and abroad.