The European Bank for Reconstruction and Development (EBRD) is continuing its support of Kazakhstan's mining industry with their latest loan of $100 million, in order to build a new ore processing facility, they announced Tuesday.
In addition to the facility, the loan will also be utilized to develop the Koktaszhal mine. The developments aim to modernize the process and allow for less of a burden on local water sources, as well as to reduce overall emissions. The ore processor will focus on copper and gold concentrates.
"From a social perspective, we are supporting the local community," Ruslan Yun, chairman of the board for the mining facility, said. "To attract the best mining engineers and their families to work and live in the project’s region, we are building a modern village with all necessary infrastructure, including an Olympic-size swimming pool, sports center, park and marketplace.”
EBRD representatives state that the country has a significant reserve of natural resources and that, with the development of the mine, the national economy will grow.