A German bank has financed the modernization of a mining and processing plant in Kryvyi Rih.

Metinvest Group received a €23.6M credit line from Deutsche Bank for 11.5 years to upgrade the Northern Mining and Processing Plant, including purchasing equipment from Finnish industrial manufacturer Metso Finland for a tailing thickening project.

“The agreement is an important milestone for the group and reflects our commitment to long-term investments in our Ukrainian enterprises. Despite ongoing security challenges, we strive to maintain and, where possible, increase production capacity and improve environmental sustainability,” Metinvest noted.

Deutsche Bank added that the agreement highlights the strategic importance of both Metinvest and Ukraine for the bank, showing its willingness to provide financial solutions in today’s complex geopolitical environment.

The Northern Mining and Processing Plant specializes in extracting and processing iron ore. Located in Kryvyi Rih, before the war the plant produced 13 million tons of iron ore concentrate and six million tons of pellets. Last year, production reached eight million tons of iron ore concentrate and four million tons of pellets.