The EBRD is deepening its efforts to promote economic inclusion in the energy sector and the extractive industries of Kazakhstan with a $ 140 million loan to Bakyrchik Mining Venture LLP for the development of the Kyzyl gold deposit.
The investment will create hundreds of jobs in eastern Kazakhstan and bring the highest international standards into the sector.
Bakyrchik Mining Venture LLP is a fully owned subsidiary of Polymetal International PLC, a precious metals company listed in London and Moscow. The Kyzyl gold project will transfer new skills and modern technology to the mining sector in Kazakhstan thanks to Polymetal’s extensive experience and recognized expertise in projects of this type. According to the development plan, most jobs in the new operations will go to residents of local settlements. After the EBRD-financed development becomes operational it will employ a total of about 1,000 workers, creating 400 new jobs.
EBRD President Suma Chakrabarti signed the project at the sidelines of the 30th plenary session of the Foreign Investors’ Council in Astana, which he traditionally co-chairs.
He said: “We are deeply committed to the economic development of Kazakhstan’s remote regions. The Kyzyl project will bring innovation, new technologies and new jobs to eastern Kazakhstan. We look forward to working with Polymetal on improving opportunities for young people and women in the industry.”
President of JSC Polymetal UK Igor Finogenov signed the project on behalf of the company.
Group CEO of Polymetal Vitaly Nesis sent the following statement: “We welcome the EBRD’s involvement in the Kyzyl project as a significant and long-term lender at attractive commercial terms. This transaction also reinforces Polymetal’s commitment to sustainability by adopting the EBRD’s best practices on environmental and social issues for the development and subsequent operation of Kyzyl.”
Kyzyl is a large, world-class deposit with internationally recognized reserve estimates of 7.3 million ounces of gold at an average grade of 7.7 grams per ton and a mine life of 22 years. The project is expected to produce more than 300 thousand ounces of gold per annum and will be operated as an open pit mine during first 10 years. (Kazinform/Ukrainian metal)
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