▲ Up
 
22:54 17-10-2017
АКИpress CA-News Tazabek Turmush
ADVERTISE WITH US SUBSCRIBE
KazakhstanKyrgyzstanMongoliaTajikistanTurkmenistanUzbekistanWorld
POLITICSBUSINESSINCIDENTSSOCIETYCULTURESPORTANALYSISSCIENCE
EBRD buys equity stake in Mongolian copper exploration operation
13:53, 12 October 2017, 1108
Image: EBRD
Twitterfacebookprint

AKIPRESS.COM - The European Bank for Reconstruction and Development (EBRD) has become a shareholder in Kincora Copper Limited, a copper exploration company active in Mongolia, with the acquisition of a 6.16 per cent stake for the equivalent of approximately €940,000 through a private placement, EBRD said.

Kincora is listed on the TSX Venture Exchange. Its main shareholders are Origo Partners (24.5 per cent), the company’s management and a number of natural resource specialist institutional investors.

The company holds a number of licences in the Ömnögovi region in southern Mongolia, which contains important gold and copper resources including the underexplored Devonian copper belt. These resources include the Oyu Tolgoi deposit, operated by Rio Tinto, which is one of the world’s largest copper operations and the Tsagaan Suvarga deposit, currently under development by the Mongolia Alt Corporation. The EBRD is providing finance for both projects.

Despite growing interest, the Ömnögovi region remains widely untapped and offers substantial opportunities for Mongolia’s overall economy through the discovery and development of the next generation of mineral deposits. With a population of just over 3 million and a size of 1.5 million km2, Mongolia is one of the most sparsely populated countries on earth. Extreme climate conditions have a severe impact on the living conditions, but the country’s natural resources offer attractive opportunities for local and international investors.

By investing in Kincora, the Bank is promoting modern copper porphyry drill testing and a district scale reconnaissance exploration programme in the Devonian copper belt, alongside high environmental and social management standards and practices. The EBRD funds will be solely used by Kincora’s Mongolian subsidiaries to support an extensive drilling programme and potential further explorations at two key Devonian-age prospects.

Mongolia became an EBRD country of operations in 2006. The Bank is currently the largest multilateral investor in the country with about €1.42 billion (US$ 1.7 billion) invested in 92 projects in the private sector to date. The EBRD is one of the largest natural resources investors in the country and is playing a pioneering role in the development of renewable sources of energy such as wind farms.


Full access to all news articles in English

1 month2000 somsubscribe
year20000 somsubscribe
These subscription fees are for private individuals only. Please contact us via phone +996 (312) 900-776 or email info@akipress.org for corporate subscription inquiries
Twitterfacebookprint
LATEST NEWS
18:01 Man sentenced to 15 years in prison for murder of his wife inside drugstore in Kazakhstan17:43 Three actors officially allowed to wear beard in Tajikistan17:32 Lieutenant Colonel of Ground Forces of Kyrgyzstan detained with drugs on border with Kazakhstan on his way to CSTO drills17:23 Rahmon congratulates newly-elected president of Kyrgyzstan17:18 Trolleybus catches on fire in Bishkek17:08 8 incidents occurred on Kyrgyz-Tajik border in 9 months17:06 Mirziyoyev, Head of Chechen Republic meet in Tashkent16:47 Parliament committee passes first reading of Kyrgyz-Russia agreement on writting off Kyrgyzstan's $240mln debt16:40 Police seize 11 guns reportedly purchased via Internet from Bishkek resident16:30 Euphoria, statements, indecision. What influenced Babanov's losing in presidential vote? Opinions16:21 Patrol police fine mechanic for allowing man to drive marshrutka under influence of heroin15:56 UNDP to work on strengthening of E-Governance in Uzbekistan15:49 Young man wearing headphones hit to death by train: Police15:37 'Mummy was drying up': Ministry of Culture explains burial of museum exhibit15:25 Ambassador of Israel to Turkmenistan delivers copies of credentials15:10 'First golf club' opens in Turkmenistan15:04 Mongolia and Russia discuss wildfire prevention15:00 OSCE Representative on Freedom of the Media calls on Kyrgyz authorities to protect journalists14:51 Police open probe into arson attack in Bishkek14:50 S. Korean researchers find 2,000-year-old mummy in Mongolia
© AKIpress News Agency - 2001-2017. All rights reserved
Republication of any material is prohibited without a written agreement with AKIpress News Agency. Any citation must be accompanied by a hyperlink to akipress.com.
Our address:
Moskovskaya str. 189, Bishkek, the Kyrgyz Republic
e-mail: english@akipress.org, akipressenglish@gmail.com;
Tel/Fax: +996(312)65-03-06