Sichuan Province-based Chinese steelmaker Pangang Group has inked a deal for syndicated loans worth RMB 14.575 billion ($2.32 billion) with six Chinese financial institutions in order to finance its Xichang vanadium and titanium resources comprehensive utilization project, as reported by local newspaper Western China City Daily. The financial institutions in question are Industrial and Commercial Bank of China, Bank of China, Export-Import Bank of China, Agricultural Bank of China, Liangshan Prefecture Commercial Bank and Pangang Group Finance Co.
Investment in the construction of the project in question is expected to reach RMB 24.3 billion ($3.86 billion). The designed annual output capacity of the first phase of the project is 4.3 million mt of pig iron, 3.9 million mt of crude steel, and 3.73 million mt of hot rolled steel sheet.