MINEX Forum

Tag: EBRD

  • Tau-Ken Samruk will receive a grant from the EU and EBRD for projects in the field of rare and critical metals

    Tau-Ken Samruk will receive a grant from the EU and EBRD for projects in the field of rare and critical metals

    Tau-Ken Samruk NMC JSC, the European Commission and the European Bank for Reconstruction and Development signed a “Statement of Intent on Technical Support for Raw Materials Projects.”

    According to a document signed during participation in Raw Materials Week in Brussels, the EU and the EBRD will provide a grant of 400,000 euros for research and development work on two projects: the extraction of lithium from the salt marshes of the Aral Sea and the development of the Upper Kairakty tungsten deposit.

    Planned work on lithium includes, but is not limited to, identifying promising areas, collecting soil samples, selecting optimal research methods and analytical interpretation of the samples obtained. Domestic specialists and research centers will be involved in the implementation of the project.

    Lithium is a highly sought-after metal in high-tech areas; more than half of all lithium mined in the world is used in the production of batteries and accumulators. Mining lithium from salt marshes could make Kazakhstan a major player in the supply chain for the strategically important resource.

    The main objective of large-scale laboratory tests for the tungsten project is to increase the percentage of tungsten extraction from off-balance ores. which will significantly increase the economic attractiveness of the Upper Kairakty field. At the same time, the circulating use of water should be introduced into the technological process of pre-enrichment of off-balance reserves, which is especially important for Kazakhstan, which is experiencing a shortage of water resources.

  • Renewable energy – focus of EBRD’s activities in Uzbekistan – Trend News Agency

    Renewable energy – focus of EBRD’s activities in Uzbekistan – Trend News Agency

    BAKU, Azerbaijan, August 16. Renewable energy, particularly solar and wind power, is the most important aspect of the EBRD’s [European Bank for Reconstruction and Development] activities in Uzbekistan, a representative of EBRD, Anton Usov told Trend.

    “Last year alone, the EBRD arranged two syndicated loans totaling $520 million to assist in the construction and commissioning of two wind farms with a total installed capacity of 1 GW in the Bukhara region. This landmark financing represents EBRD’s largest renewable energy project in its operational regions,” he said.

    Furthemore, Usov also noted that the bank also arranged a $74 million financing package for the development, construction and operation of a new 500 MW wind farm in the Navoi region of Uzbekistan.

    “It was the first project in Central Asia to use the Identiflight system, which is capable of detecting and tracking birds that are in danger of colliding with turbines. The system allows to start automatic shutdown,” he added.

    According to the EBRD representative, in 2022, the EBRD and the Ministry of Economic Development and Poverty Alleviation of Uzbekistan agreed to jointly develop a national program on methane emissions.

    “This project will be a key planning tool to achieve a 30 percent reduction in methane emissions by 2030 under the Global Methane Commitment (GMP). Last year, Uzbekistan became only the second country in Central Asia to join GMP,” Usov said.

  • European Metals welcomes investment from EBRD

    European Metals welcomes investment from EBRD

    European Metals Holdings Ltd (AIM:EMH, ASX:EMH, OTCQX:EMHLF) chairman Keith Coughlan tells Proactive the company is to receive a €6 million investment from the European Bank for Reconstruction and Development (EBRD) to help fund the Cinovec Lithium Project in the Czech Republic.

    Coughlan said it was a strong endorsement of Cinovec’s value and commitment to the highest environmental and social standards.

    As part of its due diligence, EBRD engaged an independent, international mining consultancy to conduct a technical review of the Cinovec project. EBRD also performed a review of the project with respect to compliance with EBRD’s Environmental and Social Policy.

    “The EBRD investment aims to fund the project’s predevelopment work and opens a pathway to potentially securing project financing,” Coughlan said.

    “The successful completion of the technical due diligence process is a testament to the quality of the Cinovec team.”

    Cinovec is being developed by Geomet, a 51/49% joint venture between state-owned CEZ and EMH.

  • EBRD has agreed to invest €6 million to support the development of the Cinovec Project in the Czech Republic

    EBRD has agreed to invest €6 million to support the development of the Cinovec Project in the Czech Republic

    European Bank for Reconstruction and Development (EBRD) Strategic Investment: On July 21, 2023, European Metals Holdings Limited announced a strategic investment agreement with the European Bank for Reconstruction and Development (EBRD). EBRD has agreed to invest €6 million to support the development of the Cinovec Project in the Czech Republic.

    As part of the due diligence process, EBRD engaged an independent, international mining consultancy to undertake a technical review of the Cinovec Project. EBRD also performed a review of the Cinovec Project in respect to compliance with EBRD’s Environmental and Social Policy.

    Keith Coughlan, Executive Chairman, said: “The Company welcomes EBRD’s strategic investment, which is a strong endorsement of the Cinovec Project’s value and its commitment to the highest environmental and social standards. The EBRD investment aims to fund the project’s predevelopment work and opens a pathway to potentially securing project financing. The successful completion of the technical due diligence process is a testament to the quality of the Cinovec team, the work which has been done to date and a strong vote of confidence in the project.

    “The EBRD investment is confirmation that the Cinovec Project is a vital part of establishing a strong, sustainable European electric vehicle battery supply chain to support Europe’s accelerating transition to e-mobility.

    Natalia Lacorzana, Head of Natural Resources at EBRD said:

    “We are pleased to support the Cinovec project, the first lithium project financed by the Bank, on its path to become a responsibly mined source of battery grade lithium for Europe. EBRD is committed to supporting the global transition to a green economy, the move towards wider adoption of electric vehicles, in particular, via providing necessary funding and know-how to junior miners of critical and/or strategic raw materials.”

    The Company’s relationship with EBRD is expected to be highly strategic as the European Union charts a path towards greater lithium supply security and sustainability. Support for the Company’s lithium, tin and tungsten Cinovec Project aligns with these EU goals. The investment is to be implemented by way of a private placement of 12,315,213 shares of the Company to be issued to EBRD at a price of £0.423 per share (the “Placement”).2 Upon the closing of the Placement, EBRD will hold approximately 6% of the Company’s shares on issue (on a non-diluted basis).

    In connection with the Placement, European Metals and EBRD have an agreement whereby, subject to certain conditions, the EBRD has been granted rights that allow participation in future financings to maintain its pro rata equity interest in the Company. The agreements also provide for the Cinovec Project to be developed according to EBRD’s Environmental and Social Policy.

    The proceeds from the Placement will be used to assist in funding pre-development works and studies for the Cinovec Project including environmental works and working capital expenditures for the period up to the completion of the DFS. The Placement is subject to normal and customary conditions precedent for a transaction of this nature. The shares will be issued without shareholder approval utilising the Company’s existing placement capacity under ASX Listing Rule 7.1.

  • EBRD mulls up to 35 mln euro decarbonisation loan to Bulgaria’s Stomana Industry

    EBRD mulls up to 35 mln euro decarbonisation loan to Bulgaria’s Stomana Industry

    [vc_section][vc_row][vc_column][distance desktop_type=”30″][lvs][distance desktop_type=”30″][vc_btn title=”Source – SeeNews” color=”sky” i_type=”material” i_icon_material=”vc-material vc-material-perm_device_information” add_icon=”true” link=”url:https%3A%2F%2Fseenews.com%2Fnews%2Febrd-mulls-up-to-35-mln-euro-decarbonisation-loan-to-bulgarias-stomana-industry-825547|target:_blank”][distance desktop_type=”30″][vc_column_text]June 12 (SeeNews) – The European Bank for Reconstruction and Development (EBRD) said it is reviewing a project for a loan of up to 35 million euro ($37.6 million) to Bulgaria’s Stomana Industry in support of medium-term investments in decarbonisation, including the installation of a solar photovoltaic system for own use.

    The proposed senior secured loan, with a tenor of up to seven years, would come in two tranches, namely a committed 25 million euro first tranche, with a further 10 million to be offered at the bank’s sole discretion, EBRD said in a project document on Friday.

    The total project cost is 57.3 million euro, according to the document.

    Stomana Industry, a Pernik-based steel mill, part of Belgium-based corporation Viohalco, will use the loan to finance its decarbonisation strategy, in the areas of energy and water efficiency, quality and cost optimisation measures as well as to rid itself of production bottlenecks. Production equipment and related infrastructure are to be modernised to lower energy consumption, while improvements to the plant’s water sourcing, treatment and recirculation infrastructure are also planned.

    Stomana Industry will deploy some of the funds for the construction of a 10 MW solar PV array at its production site, the document also showed.

    Founded in 1953, Stomana Industry manufactures flat and long steel products, and promotes the circular economy by exclusively using recycled ferrous scrap for the production of hot rolled plates. Stomana Industry is part of Sidenor Group, the steel production, processing and trading arm of Greece-founded Viohalco.[/vc_column_text][distance desktop_type=”30″][/vc_column][/vc_row][/vc_section]