Eurasian Development Bank to finance first Kazakhstan-based full cycle tin production
12.07.10 14:08
/KASE, July 12, 10/ - Eurasian Development Bank, listing on Kazakhstan
Stock Exchange (KASE), provided KASE with a press release dated July 12,
2010:
Quotation begins
Eurasian Development Bank (EDB) and Kazakhstan-based Syrymbet JSC
signed an agreement on financing of investment project "Launch of first stage of
tin production". Under the agreement, the Bank will issue to Syrymbet JCS
a USD48.7 m 10-year credit.
The project envisages construction and launch of the new full cycle tin production
complex - including mining and enrichment through production of tin. The plant
will use ore from the only Kazakhstan-based and the largest Central Asian
deposit - Syrymbet. The equipment will be purchased from Russia, Kazakhstan,
and abroad.
The complex is expected to be commissioned in two years after the beginning of
financing and will produce 6 th ton in the first year of operation. The complex
will reach its projected capacities within a year from the commissioning. During
the first year of operation the complex will only reach 50% of proposed
capacities. The project cost is USD70 m.
The project is implemented under the State program of forced industrial and
innovative development of Kazakhstan for YY2010-2014. The project pursues to
create a new nonferrous metallurgy sub-industry. The project has export, import
substitute and integration effects: the production volumes will meet needs of
Kazakhstan, Russia and other CIS countries with a substantial multiple
influences on Russian and Kazakhstan economies.
According to EDB the implementation of the project will create roughly 3,500 jobs
in Kazakhstan and Russia.
Reference
Syrymbet JSC (formerly Syrymbet TOO) was established in 1998 to organize mining
and processing of tin-containing ores at Syrymbet deposit (Northern Kazakhstan).
Syrymbet is a 100 % Kazakhstan company and a unit of the Lancaster Group,
operating in energy, mining, oil and gas, finance, hotel business and etc. Details
are available at website www.lancasterholding.com
Ends
[2010-07-12]