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EDB provides US$55 million in financing to ERG’s SSGPO

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Global Mining Review,

Eurasian Resources Group (ERG), a leading diversified natural resources group, has announced that the Eurasian Development Bank (EDB) has provided US$55 million to ERG’s Sokolov-Sarybai Mining Production Association (SSGPO) enterprise in Kazakhstan, in order to finance the production of export goods. This is in accordance with several state programmes in the Republic of Kazakhstan, including the promotion of export output as part of the National Project for Sustainable Economic Growth. SSGPO’s production is exported to EDB member states, among other countries, and this financing will therefore support cooperation around production within the Eurasian Economic Union (EAEU).

The SSGPO is one of the largest mining enterprises in Kazakhstan, and its operations include the Sokolovsky, Sarbaisky, Kacharsky and Korzhinkolsky opencast mines, the Alekseevsky dolomite mine and the Sokolovskaya underground mine. SSGPO’s operations are focused on iron ore mining and processing. The enterprise is part of ERG, which signed a memorandum of cooperation with the EDB in June 2021.

Ruslan Dalenov, Vice Chairman of the EDB Management Board, said: “We have been working with ERG since 2016, and the Group is one of our anchor partners. SSGPO is a systemically important enterprise which contributes to the social and economic development of Kazakhstan’s Kostanay Region. It employs more than 17 000 people and supplies iron ore concentrate and pellets to a number of major EAEU markets and China. The bank plans to expand its cooperation with ERG in several spheres, including establishing new manufacturing enterprises and renewable energy projects.”

Serik Shakhazhanov, Chairman of the Management Board of Eurasian Group LLP, added: “The agreement with the EDB, which has been signed as a part of our six-year partnership programme with the bank, will further enhance SSGPO’s operational resilience. The US$55 million of investment into export production guarantees the sale of the company’s iron ore products in the long term and will further strengthen ERG’s cooperation with the EDB overall.”

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Asian mining news Iron ore mining news