Larco will pay 4.5 million euros per month to Public Power Corporation (PPC) in the framework of an agreement reached between the two companies to supply Larco with electric power.
The new agreement is expected to be finalised and officially announced as early as Wednesday. A basic term of the contract is that Larco offers guarantees for the repayment of its current electricity consumption to PPC, which envisages a reduction in the production volume of nickel by Larco. PPC sources said that the agreement will envisage a gradual repayment of older debt by Larco estimated at around 300 million euros. The two companies signed a previous electricity supply agreement in June 2017.