Baku, Azerbaijan, April 1
By Elena Kosolapova - Trend:
The European Bank for Reconstruction and Development (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 Kazakh region of Karaganda, the bank reported on April 1.
"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," the bank said.
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.
"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," Aida Sitdikova, EBRD Director for Energy and Natural Resources in Russia and Central Asia said.
To date, the EBRD has invested over $6.8 billion into various sectors of the Kazakhstani economy, with investments in 2014 alone reaching a record level of about $750 million.
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