Baku, Azerbaijan, Oct. 29
By Elena Kosolapova- Trend: Development Bank of Kazakhstan joined to fund the expansion of high carbon ferrochrome production at Aktobe Ferroalloy Plant - branch of KazChrome company within the Eurasian Group, the bank reported on Oct. 29.
"The project cost makes up $843 million, over 40 percent of the funding were provided by the Development Bank," the bank said.
Development Bank of Kazakhstan's loan funds and funds attracted by Eurasian group, allowed to commission new Ferroalloy plant and reduce the production costs by using new technologies.
New ferroalloy plant's capacity will amount to 440,000 metric tons of high-carbon ferrochrome, which is 45 percent higher than Aktobe Ferroalloy Plant's current capacity.
New production consists of four DC furnaces, which have no analogues in the world.
This is one of the largest projects implemented in mining industry in Kazakhstan over the past years, as well as one of the priorities of new industrial policy of the country. Commissioning of new ferroalloy plant will increase export of Kazakh ferrochromium to Western Europe, USA, China and Japan.
"KazChrome" is one of the world leaders in ferroalloys production volumes and quality. The company comprises four business units: DonskoyOre Mining Plant, "Kazmarganets" mining plant administration, Aksu and Aktobe ferroalloy plants.
Main fields of activity: production of chrome and manganese ores, ferroalloys.
Development Bank of Kazakhstan is a subsidiary of Kazakh National Holding Baiterek. It is a National Institute of Development for modernization and development of other sectors of the economy and infrastructure of Kazakhstan, established in 2001. The main activities include: development of industrial infrastructure and manufacturing, promotion and attraction of foreign and domestic investments in the country's economy. DBK is one of the largest investment operators of Kazakhstan's State Program of Forced Industrial and Innovative Development.