22 Aug 2022 13:40

EDB allocates Kazakh iron ore miner SSGPO $55 mln pre-export finance

ALMATY. Aug 22 (Interfax) - The Eurasian Development Bank (EDB) has provided Kazakh iron ore miner Sokolov-Sarbai Mining Production Association (SSGPO), part of the Eurasian Group (ERG), $55 million of pre-export finance.

The financing "contributes to expanding industrial cooperation within the EAEU, as SSGPO exports are directed to EDB member states," the bank said.

"The financing in the amount of $55 million provided to promote export production secures the sale of iron ore products in the long term," Eurasian Group CEO Serik Shakhazhanov said.

ERG is one of the world's leading diversified mining and smelting groups with fully integrated mining, processing, energy production, logistics and marketing operations. ERG operates assets in Kazakhstan, Europe, Africa and Brazil. Its major assets in Kazakhstan include Kazchrome, Sokolov-Sarbai Mining Production Association (SSGPO), Aluminum of Kazakhstan, Kazakhstan Aluminum Smelter (KAS), Eurasian Energy Corporation (EEC), Shubarkol Komir and TransCom.