EBRD loan to Leighton to help promote contract mining for Mongolia

The European Bank for Reconstruction and Development (EBRD) is making a $35 million loan available to the Mongolian arm of Australian Contractor, Leighton, to help finance the company's ability to offer contract mining services there.

Author: John Chadwick
Posted: Monday , 22 Feb 2010

LONDON -


A loan from the European Bank for Reconstruction and Development (EBRD) will help to introduce high quality services to the Mongolian mining sector. The EBRD says it "is providing financing of up to $35 million to Leighton Mongolia to finance the company's ability to offer contract mining services to the sponsors of at least two Mongolian projects. Leighton Mongolia is the wholly-owned subsidiary of Leighton Holdings of Australia, one of the world's largest contract mining companies, with a track record of applying high environmental, health and safety management.

"Through the proposed financing, the Bank will support Leighton Mongolia's ability to provide contract mining services to Mongolian and international mining operators including the ability to procure state of the art mining equipment needed for efficient mining operations in Mongolia. The facility also further strengthens the establishment of Leighton in Mongolia as the first international mining contractor in Mongolia which has a long experience in contract mining and applies the highest environmental, health and safety standards."

Kevin Bortz, EBRD Director for Natural Resources said: "The Bank's project will contribute to support for the sustainable long term development of the mining sector in Mongolia. We are pleased to work with Leighton as this is an important credit facility that supports greater competition and increased quality of services in the critical Mongolian mining sector," said Philip ter Woort, Country Head for EBRD Mongolia.

Hamish Tyrwhitt, Leighton Asia's Managing Director said: "This is another important step towards sustainable large scale mining within Mongolia. This will give Leighton the ability to further increase its already large equipment fleet to support the ramp up of mining."

The EBRD started investing in Mongolia in 2006 and has since provided financing totalling EUR131.7 million across a broad spectrum of sectors including financial institution, food producing and mining. This is the EBRD's fifth investment in the natural resource sector of Mongolia, which has included debt and equity investments in coal mines, oil exploration as well as mining services.

Underground contractor Redpath from Canada is already well established in the country undertaking work for Rio Tinto/Ivanhoe Mines at Oyu Tolgoi.

John Chadwick is editor/proprietor of International Mining magazine - www.im-mining.com

Source:www.mineweb.co.za
Share:

0 comments:

Post a Comment

Facebook page

Powered by Blogger.

Categories

Advertising in Mongolia An Culture Editorial of the Mongolianviews education Environmental protection Famous Mongolians Foreigners in Mongolia Inner Mongolia Ivanhoe Mines Mongolia agriculture Mongolia analysis Mongolia and Australia Mongolia and Belorussia Mongolia and Cambodia Mongolia and Canada Mongolia and central Asia Mongolia and China Mongolia and Cuba Mongolia and EU Mongolia and Germany Mongolia and Hongkong Mongolia and Hungary Mongolia and India Mongolia and Inner Mongolia Mongolia and Iran Mongolia and Italy Mongolia and Japan Mongolia and Kazakhstan Mongolia and Korea Mongolia and Kuwait Mongolia and Malaysia Mongolia and Nato Mongolia and North Korean Mongolia and Poland Mongolia and Russia Mongolia and Singapore Mongolia and South Korea Mongolia and Taiwan Mongolia and the world Mongolia and Tibet Mongolia and Turkey Mongolia and UK Mongolia and Ukraine Mongolia and UN Mongolia and USA Mongolia and Vietnam Mongolia Banking Mongolia civic society Mongolia crime Mongolia diplomacy Mongolia Economy Mongolia Education Mongolia Energy Mongolia Finance Mongolia Health Mongolia History Mongolia holiday Mongolia in international media Mongolia Industries Mongolia Joke Mongolia law Mongolia LGBT Mongolia medical Mongolia military Mongolia Mining Mongolia Mining Developments Mongolia Mortgage Mongolia natural disaster Mongolia Petroleum Mongolia public announcements Mongolia railways Mongolia Religion Mongolia society Mongolia Sports Mongolia Stamp Mongolia telecommunication Mongolia tourism Mongolia Urbanization Mongolia Wild Life Mongolian Agriculture Mongolian Archeology Mongolian Food Mongolian Gay Mongolian Government news Mongolian History Mongolian Military Mongolian Mining Development Mongolian Movie Mongolian News Mongolian Parliament Mongolian Political news Mongolian Press Mongolian Songs Mongolian Women Mongolian Youth Mongolians abroad Moninfo Opinion Oyu Tolgoi Investment Agreement Photo news Press Release Rio Tinto Tavan Tolgoi coal mine Ulaanbaatar development Weird expatriates in Mongolia

Blog Archive

Followers

Live Traffic