Almaty, 25 October 2011. The Eurasian Development Bank (EDB) has begun to finance Altynalmas’ investment project to develop gold production in Kazakhstan. The loan agreement was signed in late September and the main portion of funds has already been disbursed. The project cost is US $150 million. The EDB provides a long-term loan of about US $100 million.
This investment project is being implemented in accordance with the State Programme for Boosting Industrial and Innovation Development in Kazakhstan and Kazakhstan’s Mining and Metallurgy Development Programme for
2010-2014.
The project is in line with the Bank’s mission and strategy and has a significant development effect. Its purpose is to ensure the efficient use of natural resources. The project will introduce cutting-edge processing technology, improve workforce productivity, advance corporate governance, and develop regional infrastructure.
“The Bank’s funds will be used to reconstruct and upgrade a gold processing plant and infrastructure and to purchase mining machinery and modern equipment,” said Kambar Shalgimbayev, Deputy Chairman of the EDB Executive Board. “The Bank’s investment will allow creating a mining and metallurgical complex which will produce and process about 1.4 million tonnes of gold ore a year. The plant’s end product will be doré bars (an alloy of gold and silver). In the context of global instability, this project is specifically significant for ensuring Kazakhstan’s economic sustainability.”
The project is being fulfilled in Zhambyl Oblast, in the Akbakai ore field, one of Kazakhstan’s largest gold ore areas. It is expected to have significant socioeconomic effect on the development of the region.
The processing unit is expected to be fully completed this year and the mining complex will be launched next year.
