Aktogay Copper Mine

Description

The Aktogay mine is a large open-pit mine located in south eastern Kazakhstan in Abai Region approximately 250 km from Kazakhstan - China border. Aktogay is KAZ Minerals's second major growth project.

History

On June 13, 2011, Kazykhmys PLC (now called KAZ Minerals PLC) signed a memorandum of understanding (MoU) with China Development Bank (CDB) for a $1.5 billion loan to develop its Aktogay Copper Mine Project. Then, on December 16, 2011, CDB signed two bilateral facility (loan) agreements with KAZ Minerals Aktogay Finance Limited — a special purpose vehicle and wholly-owned subsidiary of KAZ Minerals Aktogay LLP, which is itself a wholly-owned subsidiary of Kazykhmys PLC (Kaz Minerals PLC) - for the Aktogay Copper Mine Development Project: an RMB 1 billion ($158 million) loan agreement and a $1.34 billion loan agreement. In 2016, China Development Bank (CDB) provided a $300 million loan via credit line to the Development Bank of Kazakhstan JSC (DBK) for the third phase of the construction of a sulphide ore processing plant at the Aktogay deposit in East Kazakhstan Region.

Finance