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EBRD Boosts Green Mining in Mongolia by Funding Khan Altai Resource

The European Bank for Reconstruction and Development (EBRD) is supporting sustainable mining operations and creating new employment opportunities in rural areas of Mongolia by providing funds to Khan Altai Resource (KAR), a special-purpose gold mining company based in the Gobi Altai province of southwestern Mongolia.

KAR, a fully-owned subsidiary of the EBRD' long-term client and a national sustainability leader Max Group, will receive a loan of up to US$ 10 million (€9.2 million) to procure specialized equipment for mining and processing purposes. This will help KAR, one the founding members of the Mongolian Responsible Mining Initiative, to put in place a sustainable infrastructure based on advanced technology to process and produce gold bars with the minimum environmental impact.

It is expected that the new, Caterpillar-manufactured, machinery will reduce the annual consumption of fuel at KAR by 200,000 tonnes thus contributing to its greater operational efficiency.

KAR is committed to developing relevant training programs for potential employees and will create hundreds of new jobs for the region.

The project is consistent with the recently approved EBRD mining sector strategy, which recognizes the important role the mining industry is set to play in developing greener economies that are aligned with the Paris Agreement.

As at June 2024, the EBRD has invested €2.36 billion in Mongolia's economy through 145 projects. Around 90 percent of these funds have been channelled to support private-sector companies.

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