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Conyers acted as BVI counsel to the European Bank for Reconstruction and Development (EBRD) on its provision of loan facilities of US$100 million to AltaiPolimetally and Terekty Ken Baity, two companies involved in the Koktaszhal copper and gold deposit in the remote region of Karaganda.
The proceeds of the loan will finance the development of the Koktaszhal mine and the construction of an ore-processing plant to produce copper-gold concentrate. New, highly efficient milling and processing equipment will be purchased, including a system of conveyor belts. The new conveyors and other technologies used in the plant will eliminate the need for conventional diesel-fired heavy machinery and trucks. The new plant and modern equipment will also help the operators substantially reduce dusting and emissions, and water use will be halved compared with projects using conventional machinery.
Patrick Ormond from Conyers’ BVI office advised on the matter alongside Proskauer Rose and ORIS LLP.