Alliance Altyn Company is going to put a license for development of Jerooy gold deposit in pledge in a bank to get a loan of $180 million, Daniyar Zhanykulov, head of the company’s public relations department, reported.
According to him, the wording of the law on mineral resources, adopted in May, allows companies to carry out such procedures. To this end, in early September Alliance Altyn applied to the licensing commission at the State Committee for Industry, Energy and Subsoil Use. It permitted the deal.
“After that our lawyers began working on an agreement. We plan to get a loan of $180 million in the Russian VTB-Bank. There is nothing new. Initially, it was said that our company would take loans for the construction of a processing complex,” commented Daniyar Zhanykulov.
Negotiations with the bank are at the final stage. Alliance Altyn needed money to build a gold mining plant and a tailing dump.
Earlier Alliance Altyn Company paid a fine of $600,000 for the violation of the set deadlines for the construction of a gold extraction plant and a tailing dump.
“We do not violate the laws of Kyrgyzstan. We carry out work on the object under a license agreement. In addition, we are not talking about putting a deposit in pledge in the bank. We pledge only the license. The state committee may revoke it if the terms of the license agreement are not fulfilled,” concluded Daniyar Zhanykulov. (24.kg/Ukrainian metal)