BAKU, Azerbaijan, June 4
Trend:
The Eurasian Development Bank (EDB) and the Eurasian Resources Group (ERG) signed a memorandum of cooperation at the St. Petersburg International Economic Forum, Trend reports referring to a source in the EDB.
Within the memorandum, the EDB will consider the possibility of providing Sokolov-Sarybai Mining Production Association (SSGPO) with a credit line for pre-export financing, as well as financing the company's investment program.
“Our cooperation with ERG has been going on since 2016. This is one of our anchor partners. SSGPO is one of the largest enterprises in the mining industry in Kazakhstan. Mining operations are carried out at the Sokolovsky, Sarbaisky, Kacharsky, Korzhinkolsky quarries, the Alekseevsky and the Sokolovsky mines,” Nikolay Podguzov, chairman of the EDB Board, said. “Iron ore concentrate and pellets are supplied to the Kazakh, Russian and Chinese markets. The goal of our cooperation is to further develop trade relations between the enterprise and Russian companies. The EDB is ready to consider financing the projects announced by the company.”
"The signing of a new agreement with the EDB, with which we have been working for 5 years, will further increase the stability of the iron ore giant SSMPO and strengthen cooperation with ERG as a whole,” said ERG CEO Benedikt Sobotka. “The reached agreements will ensure the guaranteed sale of iron ore products in the long term, as well as the implementation of the SSGPO development strategy and investment projects using the most modern technologies that meet ESG criteria.”
“We are constantly working to ensure that the quality of ERG products meets the highest standards and market needs.Today, SSGPO, like other enterprises of the group, we are implementing the ERG Way program - our production system. Thus, we not only continue to improve our production, but also invest in the development of our employees," added Sobotka.