KazakhExport in media
THE DBK WILL GRANT A BANK GUARANTEE TO THE AAENGINEERING GROUP FOR CONSTRUCTION OF A GOLD RECOVERY PLANT IN KYRGYZSTAN
The customer of the Project is Alliance Altyn LLC, a Kyrgyz company (member of the Russian Platinum Group of Companies (Russian Federation). The Development Bank of Kazakhstan will provide a bank guarantee amounting to $ 37,8 mln.
“The Development Bank of Kazakhstan JSC (DBK) has provided bank guarantees in the amount of up to $37,8 mln. for up to two years and 11 months in relation to the services of the AAEngineering Group LLP for the construction of a gold recovery plant at the Jeruy Deposit in Kyrgyzstan” – reported the Bank on Thursday.
- “The transaction is remarkable, since, firstly, for the first time in its activity, the DBK uses such an instrument as a bank guarantee in relation to services in general, and to exports of services, in particular. Secondly, the transaction is structured in such a way that our sister (group) company, KazakhExport (an export insurance company, a subsidiary of the Baiterek Holding Company), which has provided the insurance coverage of the DBK’s guarantees, participates in it” - said Vladimir Li, Senior Banker of the DBK’s Directorate of Relations with Customers. – “Construction of the plant with a capacity of 1,3 mln. tns. of the ore processing per year is to be completed in 2020.
The Customer of the Project is Alliance Altyn LLC (registered in Kyrgyzstan), and construction services are performed by LLP AAEngineering Group. The DBK’s guarantee covers the AAEngineering Group’s performance of obligations to the Customer to construct the plant with infrastructure facilities and tailing facilities, as well as the return of the advance payment paid by the Customer, in case of non-performance of the above obligations”- he specified in his report. The Development Bank of Kazakhstan was founded in 2001, it grants loans for medium and long-term investment projects in the field of industrial infrastructure and in non-primary sectors of the economy, and assists in attracting foreign and domestic investments in the country’s economy. It is a member of the Baiterek National Holding Company’s structure.
LLP AAEngineering Group implements turnkey projects in the mining industry - from the development of a concept, feasibility study according to international standards, design and estimate documentation to the commissioning and operation of mining facilities. Alliance Altyn LLC is a member of the Russian Platinum Group of Companies (RF) registered in Kyrgyzstan. The company holds a license to develop the Jeruy Deposit until August 28, 2035.
December 27, 2018, 05:49 p.m.