Linklaters and Norton Rose have advised on a $2.7bn (£1.6bn) financing package for UK-listed mining group Kazakhmys.

The company has agreed the unsecured loan package with China Development Bank (CDB) and Kazakh sovereign wealth fund Samruk-Kazyna, with the funding set to go towards the development of existing projects in Kazakhstan.

Linklaters advised longstanding client Kazakhmys, fielding a team led by London banking partner Mirthe van Kesteren acting alongside relationship partner Charlie Jacobs in corporate and Beijing banking partner Thomas Ng.

Samruk turned to Norton Rose with London finance partner Chris Brown advising the government fund assisted by finance associate Daniel Metcalfe. It is unclear who is advising CDB.

Kazakhmys' funding agreement comes after Samruk agreed a $3bn (£1.8bn) financing line with CDB in June last year to be used for infrastructure and mining projects in Kazakhstan. Up to $2.7bn (£1.6bn) of this has now been allocated to Kazakhmys.

Linklaters' Jacobs told Legal Week: "This is a good deal for Kazakhmys to secure the facility by way of a large chunk of debt, whereas other miners have tapped into equity markets."

In the last year most of the big mining groups have climbed back up after a tough 2008 and early 2009 and shored up their balance sheets.