By Marcus Leach

China Development Bank has agreed to loan mining company Kazakhmys $1.5 billion (£920 million) in order to develop a copper mine in eastern Kazakhstan.

Kazakhyms said the mine in AKtogay was one of its two leading growth projects, and coupled with the Bozshakol mine they account for 60% of the companies total production.

"We are delighted to be developing our relationship further with China Development Bank," said Oleg Novachuk, Kazakhmys' chief executive.

"This funding will allow us to develop Aktogay and yet retain full ownership of the asset."

Kazakhyms, which is one of the world's biggest mining firms, is listed on the London Stock Exchange and has interest in copper, gold, zinc and silver.

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