Saturday, August 9, 2014

EBRD to finance 65 million USD for dry cement plant

The European Bank for Reconstruction and Development (EBRD) announced that it will issue a long-term loan of 65 million USD for the construction of Moncement dry process cement plant in Mongolia.

Senj Sant, subsidiary of Monpolymet Group, is building the Moncement dry process cement plant at Senj Khudaj mine, with a reserve of 170 years of limestone. The plant plans to produce one million tons of cement per year using a technologically advanced and environmentally friendly dry cement processing technique. The plant plans to supply domestic demand with cement of higher quality than the currently available imported cement, and to export its product. Senj Sant is using EBRD financing to continue funding the construction, commissioning and operation of the plant, which is expected to have a total capacity of about 3,000 tons of cement a day with the start of production planned in 2015.

The EBRD also provided a 20 million USD equity investment in May 2013 for a stake in the plant.

Trans. by B.MENDBAYAR

Short URL: http://ubpost.mongolnews.mn/?p=11224

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