Mining Machines Raises Finances for Export and Service Development
Mining Machines will use a three-year multi-currency credit facility worth RUB957m provided by a Ukrainian subsidiary of Sberbank of Russia to expand its geography and develop service infrastructure.
The company has gained support of Sberbank of Russia, one of its financial
partners, to develop two areas in particular:
• strengthening its positions on the export markets as today the company makes regular contractual deliveries of equipment to 8 countries. Among its key partners are mining companies from Russia, Kazakhstan, Belarus and Vietnam. Also, Mining Machines plans to enter new markers, which include Poland, India and Republic of South Africa.
• developing service infrastructure.
Mikhail Potapov, CFO of Mining Machines believes that "a wise diversification of product lines, growth of sales in markets of post-sales services, overhaul and equipment upgrade and wider sales geography will help to preserve the strong financial position in any situation and remain a reliable partner of major national banks."
"We highly appreciate the trust of Sberbank of Russia. Despite a volatile economic situation and the possibility of a second dip into recession, the bank has issued a credit facility for development and implementation of our strategic plans," says Marina Graschenkova, Head of Corporate Finances Department of Mining Machines."We have been cooperating with Mining Machines for several years, and the company's management has been always demonstrating responsible attitude towards its partners. We believe that Mining Machines has all the chances to increase its presence in external markers," noted AndreyPetrenko, Head of Regional Office of Sberbank of Russia in Donetsk Oblast.