Copper-Smelting Plant Bonds 13.83% of Assets

UrBC, Yekaterinburg, July 19, 2011. Sredneuralsky Copper-Smelting Plant signed an agreement according to which its buildings, facilities and land allotments are mortgaged to secure its debts to Bank VTB. This is over $19m worth of borrowed money, the company’s official statement says.

The two parties evaluated the mortgaged assets at 2.58bn RUR, which comes to 13.83% of the issuer’s total asset value (roughly 18.65bn RUR by the end of the first quarter of 2011).

The money is to be paid back in 540 days within the date of signing of the agreement and its coming into full effect.

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