A group of gold-mining companies of Kazakhstan raised an overall loan from VTB Bank up to 470 mln Euros

MINEX Forum | December 3, 2019 | Views: 52 | Source: Interfax Kazakhstan

A group of companies in the gold-mining sector of Kazakhstan (AK Altynalmas JSC, MMC KAZAKHALTYN JSC, Kazakhaltyn Technology LLC, Aksu Technology LLC) raised an overall loan from VTB Bank in the amount of up to 470 million Euros.

Within the framework of business development initiatives through the construction of new enterprises and the expansion of the asset base, a group of leading companies in the gold-mining sector received a consolidated loan from VTB Bank structures. The funds received shall be used by AK Altynalmas JSC to purchase a controlling block of shares in MMC KAZAKHALTYN JSC, implementation of the Aksu Project with a capacity of 5 million tons of ore per year, and the optimization the debt portfolio of the Company.

In addition, VTB Capital acted as a financial consultant to AK Altynalmas JSC on the acquisition of a controlling interest in MMC KAZAKHALTYN JSC.

“The corporate strategy of our gold-mining business provides for dynamic growth in the nearest future through the development of new projects, as well as expanding the asset base through the acquisitions and organic growth. These plans require diversification of funding sources and the beginning of cooperation with such a major player in the capital market as VTB, gives us additional confidence in the attainability of the tasks stipulated by the business development strategy”, – commented Vladimir Dzhumanbaev, the Chairman of the Board of Directors of AK Altynalmas JSC.

“We appreciate the credence given to us by VTB Bank and believe that our cooperation will be an important milestone in the development of the gold-mining sector in Kazakhstan. The management has the necessary (to achieve strategic goals) experience in the construction and operation of large-scale projects in the gold-mining industry and we look at the challenges ahead and are ready to implement them”, – said Diyar Kanashev, the President and the Chairman of the Management Board of AK Altynalmas JSC.

Kaliyev Aidar, Central Asia Operations Leader, the Senior Vice President of VTB, mentioned: “The gold-mining industry of Kazakhstan has significant development potential, and AK Altynalmas JSC is one of the leading companies in this market. VTB Group has extensive expertise in structuring complex transactions using complex financial instruments. This transaction, including the provision of financing for M&A, refinancing the group’s loan portfolio and project financing, is a successful example of the coordinated work of two professional teams. I am sure that the result of our joint efforts will be the successful development of AK Altynalmas JSC.

Background information:

AK Altynalmas JSC

At present, AK Altynalmas JSC has assets in three regions of the Republic of Kazakhstan: the Pustynnoye project in the Aktogai district of the Karaganda oblast, the Akbakai project in the Moyynkum region of the Zhambyl oblast, the Mizek region of the East Kazakhstan oblast. The facilities of MMC KAZAKHALTYN JSC, located in the Akmola region, will become the fourth region of AK Altynalmas JSC presence in Kazakhstan.

VTB Bank

VTB Bank (PJSC), its subsidiary banks and financial organizations (VTB Group) is an international financial group that provides a wide range of financial and banking services in Russia, the CIS countries, Western Europe, Asia and Africa.

VTB Bank provides a full range of banking services through an extensive regional network. The Group’s subsidiaries provide leasing, factoring and other financial services. VTB Group’s international network includes more than 20 banks and financial companies in more than 20 countries.

As of June 30, 2019, VTB Group was the second largest financial group in Russia by assets (15.055 trillion rubles) and customer accounts (10.738 trillion rubles).

The main shareholder of VTB is the Government of the Russian Federation, which owns 60.9% of the voting shares. More information can be found on the website: www.vtb.ru

For more information, please contact the Press Service:

AK Altynalmas JSC

Assel Urazova Assel.Urazova@altynalmas.kz

+77273500200 int. 3231

VTB Bank (PJSC)

Press Service

Tel.: (495) 783-17-17

Fax: (495) 783-18-95

E-mail: pr@vtb.ru

www.vtb.ru

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