LONDON -(Dow Jones)- Kazakh miner Kazakhmys PLC (KAZ.LN) Tuesday said it is discussing a possible $2 billion loan with the China Development Bank and Kazakh sovereign wealth fund Samruk-Kazyna JSC.
"The loan would help fund the development of major growth projects," Kazakhmys said in a brief statement.
Daily Telegraph Tuesday reported that Kazakhmys and Eurasian Natural Resources Corp. PLC (ENRC.LN) are seeking loans from China.
Citing Kairat Kelimbetov, head of Kazakh fund Samruk-Kazyna, the paper said Kazakhmys may receive a $1.5 billion-$2 billion loan from the state-controlled China Development Bank.
ENRC could get a $400 million loan from the Shanghai Cooperation Organization, a regional body in which both Kazakhstan and China participate, the paper reported.
An ENRC spokesman declined to comment on Kelimbetov's remarks. "ENRC has an extensive (capital expenditure) program and as we have said, we will seek external funding where possible for those projects," the spokesman said.
Company Web site: www.kazakhmys.com; www.enrc.com
-By Jeffrey Sparshott, Dow Jones Newswires; +44 (0)207 842 9347; jeffrey.sparshott@dowjones.com