ASTANA — The European Bank for Reconstruction and Development (EBRD) will provide a loan of up to $300 million to support the construction of a new hydrometallurgical complex in the Pavlodar Region, aimed at expanding domestic gold processing capacity and introducing advanced, environmentally responsible technology.
EBRD and Kazakh officials during the signing ceremony for the financing of the Ertis hydrometallurgical project. Photo credit: EBRD
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. The EBRD will act as the anchor lender, alongside Abu Dhabi Commercial Bank, ING Bank and Société Générale, reported the EBRD’s press service on July 3.
The facility will process up to 278.5 kilotonnes of gold concentrate annually, reducing SR’s dependence on external processing. It will process refractory and double-refractory gold concentrates into doré bars (a semi-pure gold alloy) and is expected to establish a new metallurgical segment in Kazakhstan, increasing value-added production in the mining sector, which contributes 12% of the country’s GDP and around one-third of commodity exports.
The project will introduce pressure oxidation, one of the most resource-efficient, environmentally friendly and safe technologies in the hydrometallurgical industry. It is expected to support the development of complex refractory ores, which account for around half of Kazakhstan’s gold resources, strengthening the country’s competitiveness and mineral supply potential.
Technical assistance from the Green Climate Fund and the EBRD will help Solidcore Resources strengthen its corporate climate governance and environmental, social and governance (ESG) reporting beyond local requirements.
The EBRD has invested nearly $12.8 billion in Kazakhstan through 354 projects, making the country its largest and longest-running investment destination in Central Asia.
