Eurasian Resources Group enters into a principal agreement with China's NFC to complete the construction of its project in Africa; EXIM and ICBC to support the financing, Sinosure to provide the insurance
Eurasian Resources Group completes the construction of two new bauxite mines
Aluminium of Kazakhstan JSC, owned by Eurasian Resources Group (“ERG” or “the Group”), a leading diversified natural resources group, has opened two new mines in the Krasno-Oktyabrskoye Mining Unit in Kazakhstan. The Group has invested a total of $ 21.5 mn in constructing the two mines.
The launch of Mine No.9 at the Ayatsky site and Mine No.17 at the Krasnogorsky site, both in the Kostanay Region, will provide a sustainable and timely supply of raw materials to the Pavlodar Aluminium Smelter, which also forms part of the Group's aluminium division.
The construction of both the facilities took two years and production is due to begin imminently at both sites. When operational, Mine No.17 and Mine No.9 are expected to produce up to 1 Mtpa and 300 ktpa of bauxite respectively.
ERG is also building Mine No. 4 at its Vostochno-Ayatsky site. Mine construction began in 2017 and is scheduled to finish in 2020.