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11.05.2011
12:16

Pre-Export Contract

Eximbank of Russia has opened a two-year US$ 8m loan facility to the major Russian exporter of tungsten trioxide* WOLFRAM Company CJSC. The loan is intended to provide pre-export financing of contracts made with European, US and Japanese consumers.

Wolfram is planning to take advantage of financial aid by Eximbank of Russia to become, in a year or more, the only Russian producer that exports high value added tungsten products, i.e. powders and carbides of the highest melting point metal. In two or three years, these products will also include hard tungsten alloys and even pure tungsten (tungsten rods).
Last year the Bank financed the second stage of construction of a CIS-unique innovative advanced hard-melting metal production facility in the town of Unecha, Bryansk Region. WOLFRAM Company used the US$ 6m loan to buy cutting-edge tungsten carbidizing furnaces, grinding mills and other unique equipment.
A total of US$ 15m has already been invested in the construction of the hard-melting metal plant launched several years ago. The plant currently produces high-quality tungsten powders, and by the end of this year will launch the new equipment to produce tungsten carbides equal or superior in quality to global peers.
By the end of 2012, the Unecha plant will reach the designed level of 500 tonnes of tungsten carbides a year, which will be about 1% of global consumption. Up to 80-90% of its output will be exported. The Government is considering inclusion of tungsten carbides in the list of industrial products whose exports are eligible for government guarantees. In the nearest term the Unecha plant in the Bryansk Region will start producing the finished product: tungsten rods and its hard alloys.