EBRD says arranges $1.2 bln syndicated loan for Mongolian mine

Dec 15 Development bank EBRD said on Tuesday it had arranged its biggest ever syndicated loan, a $1.2 billion facility that will contribute towards an overall $4.4 billion package of financing for Mongolia's Oyu Tolgoi copper mine.
The overall financing deal was announced earlier in the day by mining giant Rio Tinto, for which the Mongolian mine is one of three big growth projects it is working on in the face of a commodity price downturn.
The project is 66 percent owned by Rio's Turquoise Hill arm and 34 percent owned by the Mongolian government.
The European Bank for Reconstruction and Development (EBRD) said in a statement that $400 million of the syndicated loan would be provided on its own account, while the rest would come from 15 commercial and development banks.
The $400 million loan is also one of the biggest in the bank's history, a bank spokeswoman said.
Set up initially to invest in eastern Europe's ex-communist states, the EBRD started operating in Mongolia in 2006. Since then it has committed over $1 billion to the country's economy, it said.
The EBRD has been criticised in the past for lending to big fossil fuel and mining projects.
But it said in its statement that "once fully operational, the underground mine is expected to provide for up to a third of Mongolia's gross domestic product and contribute to rising standards of living in the country". (Reporting by Sujata Rao, editing by Estelle Shirbon)

Source:Reuters
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