EBRD finances Kazakh ore-processing plant
The European Bank for Reconstruction and Development is continuing to support the introduction of the best available technology and high environmental standards in Kazakhstan’s natural resources sector.
The EBRD is extending a loan of $100 million to AltaiPolimetally and Terekty Ken Baity, two companies involved in the Koktaszhal copper and gold deposit in the remote region of Karaganda.
The proceeds of the loan will finance the development of the Koktaszhal mine and the construction of an ore-processing plant to produce copper-gold concentrate. New, highly efficient milling and processing equipment will be purchased, including a system of conveyor belts. The new conveyors and other technologies used in the plant will eliminate the need for conventional diesel-fired heavy machinery and trucks.
The new plant and modern equipment will also help the operators substantially reduce dusting and emissions, and water use will be halved compared with projects using conventional machinery, according to the Bank.
Aida Sitdikova, EBRD Director for Energy and Natural Resources in Russia and Central Asia, said Kazakhstan has significant reserves of copper and gold and the Koktaszhal project will support the development of a new deposit that meets the heightened standards for resources and energy efficiency.
She noted that the operation will also support investment in the remote region, create new jobs and boost the local economy.
Ruslan Yun, Chairman of the Board, in turn hailed the Bank’s support in developing this state-of-the-art mining project.
“Based on our experience studying numerous copper-gold mines around the world, we are using the best equipment and techniques to make Koktaszhal a showcase for the world mining community in terms of efficiency as well as environmental and health and safety standards, which will contribute to minimising emissions and dust and substantially reducing water consumption.
From a social perspective we are supporting the local community. To attract the best mining engineers and their families to work and live in the project’s region we are building a modern village with all necessary infrastructure, including an Olympic-size swimming pool, sports centre, park and market place,” he said.
To date, the EBRD has invested over US$ 6.8 billion into various sectors of the Kazakhstani economy, with investments in 2014 alone reaching a record level of about US$ 750 million.