The EDB and Altynalmas successfully complete another stage of cooperation
Nur-Sultan, 21 September 2020. The Eurasian Development Bank (EDB) and Altynalmas have successfully completed another stage of cooperation. Over the course of their long-term joint work, the organisations have implemented three investment projects aimed at developing gold mining in Kazakhstan, for a total of more than US $285 million.
The EDB and Altynalmas began to cooperate in 2011 when the Bank opened the first loan facility to finance the reconstruction and upgrade of the Akbakai gold extraction plant and related infrastructure to process ore from the Akbakai cluster deposits. The Bank’s investment in the project has helped to increase the company’s ore processing capacity to 1 million tonnes a year.
In 2018, the EDB financed the purchase by Altynalmas of the Dolinnoye gold ore deposit and in 2019 it opened a financing facility for its development and the construction of a gold extraction plant with an annual capacity of 2.5 million tonnes of ore. In June 2020, the company commissioned the Dolinnoye gold extraction plant ahead of schedule.
“Altynalmas is one of the Bank’s anchor clients, cooperation with which began at an early stage of the company’s development on the terms of project finance. Today, Altynalmas is a major gold producer in Kazakhstan. Over the past ten years, the company has increased its ore processing capacity by more than 20 times and gold production by more than 15 times. The company intends to develop further and build up its gold production capacity. The current size of Altynalmas’s business makes it possible for it to raise financing from commercial banks. We are incredibly happy that, over the years of cooperation with the EDB, the company has achieved high results. This is a vivid example of how the Bank implements its strategic tasks, namely the development of businesses in our countries. I wouldn’t exclude that new joint projects await us in the future,” said Amangeldy Issenov, Deputy Chairman of the EDB Management Board.
Additional Information:
The Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. The EDB's charter capital totals US $7 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.
The EDB Media Centre:
Alexander Savelyev +7 (985) 765 23 59 (Moscow)
Azima Sapargaliyeva +7 (777) 750 00 08 (Almaty)
Sergey Gorbachev +7 (916) 727 22 00 (Moscow)
Altynalmas JSC
Altynalmas currently have assets in four regions of Kazakhstan: the Pustynnoye project in Aktogai District, Karaganda Region; the Akbakai project in Moiynkum District, Zhambyl Region; the Mizek deposit in East Kazakhstan Region; and Kazakhaltyn sites in Akmola Region.
Altynalmas’s Press Service:
Assel Urazova
Tel.: +7 (727) 350 02 00, ext. 3231