KRYVY RIH. Oct 13 - The Metinvest Group's Kryvy Rih-based Central and Northern iron ore mining and beneficiation plants will spend a total of $500 million through 2011 on the second phase of a modernization program, Oleksandr Vilkul, the honorary president of both mining enterprises, told reporters.

Vilkul said the mines would provide $100 million themselves and use a $400 million syndicated loan being arranged by BNP Paribas to fund the upgrades. "BNP Paribas is syndicating the loan, and the syndicate members can be revealed once the syndication has been completed," Vilkul said.