Shougang Hierro Peru said that it has signed a syndicated loan agreement with banks Citibank, BCP, HSBC and Santander for a total of USD 240 million. This amount will finance the expansion project operations.

Shougang Hierro Peru is developing a project to expand operations to increase production to 10 million tonnes of iron ore.

In the first half of this year, Shougang Hierro Peru has spent USD 37.9 million of the USD 278.8 million in investments budgeted for this year, referring to the replacement of equipment in the processing plant and the mine development mine optimization of production processes, projects to improve existing infrastructure and operations expansion project.

(Sourced from www.gatoencerrado.net)