EDB issues loan to Kazakh Altynalmas for gold deposit development
Baku, Azerbaijan, June 11
The Eurasian Development Bank (EDB) has issued a loan to finance the acquisition and additional exploration by Altynalmas of the Dolinnoye gold deposit in Karaganda Region, Kazakhstan, for its further development, the Bank said in a message on June 11.
The Bank issued a loan of $36.5 million for seven years.
The project is in the mining and metallurgy sector, one of the Bank’s investment priorities. Advancing the sector is an important objective in Kazakhstan’s Strategic Development Plan until 2025.
Altynalmas is a major gold producer in Kazakhstan. The company mines several gold deposits, including the Akbakai cluster in the Zhambyl Region and the Balkhash cluster in the Karaganda Region.
The funds extended by the EDB will help enhance Altynalmas’ production capacity, as well as stimulate economic development and job creation in the region, according to the Bank.