The SOVETSKY BANK (St. Petersburg) will co-finance the construction of a plant to process ferromanganese nodules (manganese concentrate and manganese carbonate). The plant is being built by PROMTRAK in the PHOSPHORITE industrial zone (Kingisepp). The credit line, opened by the bank to PROMTRAK for three years, totals R70 million. The construction has been conducted since June 2003. The project is currently in the final stage. Construction is scheduled for completion in June 2006. The rated capacity is 10,000 tonnes of manganese concentrate a year. Manganese products are mainly (90%) used in ferrous metallurgy, electrical engineering, chemical and medical industries and agriculture.
Source: BANKIR.RU, March 22, 2006
