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EBRD to Finance $300 Million Gold Processing Project in Kazakhstan
🇰🇿 Kazakhstan /Economy & Trade

EBRD to Finance $300 Million Gold Processing Project in Kazakhstan

From The Astana Times · () English

Summarized and contextualized by DistantNews.

At a glance

News Official statement New plan
  • The European Bank for Reconstruction and Development (EBRD) will finance a $300 million gold processing project in Kazakhstan.
  • The project, involving Solidcore Resources, aims to expand domestic gold processing capacity using advanced, environmentally responsible technology.
  • This initiative is expected to establish a new metallurgical segment in Kazakhstan, increasing value-added production in the mining sector, which is crucial to the country's GDP and exports.

The European Bank for Reconstruction and Development (EBRD) is set to finance a significant gold processing project in Kazakhstan's Pavlodar Region with a loan of up to $300 million. The initiative, named the Ertis hydrometallurgical project, aims to boost the country's domestic gold processing capabilities and implement cutting-edge, environmentally sound technologies.

The financing, provided to Solidcore Resources (SR), Kazakhstan's leading gold producer, will support the construction of a new hydrometallurgical complex. This facility will process up to 278.5 kilotonnes of gold concentrate annually, reducing SR's reliance on external processing. It is designed to process refractory and double-refractory gold concentrates into doré bars, establishing a new metallurgical sector within Kazakhstan.

The financing will be provided to Solidcore Resources (SR), an AIFC-listed company and Kazakhstan’s leading gold producer, and its wholly owned subsidiary, Ertis Hydrometallurgical Plant.

— EBRD's press serviceIdentifying the recipient of the loan.

This development is expected to increase value-added production in the mining sector, a vital part of Kazakhstan's economy, contributing 12% to its GDP and approximately one-third of its commodity exports. The project will introduce pressure oxidation technology, recognized as one of the most resource-efficient, environmentally friendly, and safe methods in the hydrometallurgical industry. This will enable the development of complex refractory ores, which constitute about half of Kazakhstan's gold reserves, thereby enhancing the nation's competitiveness and mineral supply potential.

Beyond financial backing, the EBRD, along with the Green Climate Fund, will provide technical assistance to Solidcore Resources. This support will focus on strengthening the company's corporate climate governance and its environmental, social, and governance (ESG) reporting standards, ensuring they meet and exceed local requirements. The EBRD has a long-standing and substantial investment history in Kazakhstan, having committed nearly $12.8 billion across 354 projects, making it the bank's largest and longest-term investment destination in Central Asia.

The project will introduce pressure oxidation, one of the most resource-efficient, environmentally friendly and safe technologies in the hydrometallurgical industry.

— EBRDHighlighting the advanced technology to be used.
DistantNews Editorial

Originally published by The Astana Times. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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