CBM and UMMC Group strengthen cooperation
Credit Bank of Moscow (CBM) provides a financing up to 450 mln.RUB to Revda Nonferrous Plant, a daughter company of JSC “UMMC” (Ural Mining & Metallurgical Company) within the existing credit limits of 10 bln.RUB pre-set by Credit Bank of Moscow for UMMC Group. These funds are provided for financing current needs of PJSC “Revda Nonferrous Plant”. The Bank and UMMC Group established a cooperation at the end of 2019.
“CBM endeavors to render its corporate clients a package of the high quality services, allowing major companies to meet their highest demands. At present, we are collaborating with Ural Mining & Metallurgical Company within the credit activities. Having said that, we are about to provide other products such as bank guarantees, letter of credits, FX, etc. Our bank is well-placed to do that”, Alexander Afonin, CBM Director of Industrial Business Department states.
UMMC unites about 40 enterprises in mining, nonferrous metallurgy, machine building and other spheres. The company is on the list of Russia's backbone companies: it is one of the largest producers of copper cathodes, the largest producer of zinc, and the second largest producer of coal. The fundamental principle of the company is a circular process chain: from mining of raw materials to the production of finished products (copper rod, copper powder products, rolled products, cable conductors, heat exchangers). On top of that, UMMC's enterprises produce precious metals, lead, selenium, tellurium, copper and nickel sulfate and other associated products. The company's share in the global copper production is about 1.5%, in zinc - 2%, and in coal trade - over 2%.