Sunday, August 10, 2014

Mongolia : EBRD to grant US$65 million loan for construction of MONCEMENT DRY PROCESS CEMENT PLANT

An agreement has been inked by the European Bank for Reconstruction and Development (EBRD) to loan Senj Sant US$65m for a new greenfield cement plant in southern Mongolia, about 450km from the capital Ulaanbaatar.

EBRD First Vice President Phil Bennett has signed the deal at a ceremony, follows an earlier US$20m equity investment for a stake in Senj Sant agreed in May 2013.

The company that is owned by Mongolia s Monpolymet Group, is utilizing EBRD finance to proceed funding the construction, commissioning and operation of the 3000tpd plant, which is anticipated to begin production in 2015.

According to CEO of Monpolymet Group, Ms Munkhnasan Narmandakh, The EBRD s long term finance, including equity, is not only helping us build the first greenfield cement plant in Mongolia using environmentally friendly dry process, but also supporting the company in raising business standards to international levels .

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