May 18, 2015 / 8:34 AM / 5 years ago

Russia's VTB bank offers $1 bln credit line to Norilsk

MOSCOW, May 18 (Reuters) - Russia’s second largest state bank VTB has offered Norilsk Nickel a $1 billion credit line to develop copper deposits at the Bystrinsky mining project, Norilsk said on Monday.

VTB has also agreed to purchase a 25 percent stake in the project and Norilsk is continuing negotiations with Russia’s state development bank VEB about long-term financing, the company’s press service said.

“We hope that, in one form or the other, negotiations with VEB will be resolved in the next quarter,” the company said, citing First Deputy CEO Pavel Fedorov. (Reporting by Jack Stubbs and Diana Asonova; Editing by Gareth Jones)

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