KfW IPEX-Bank finances Belgian exports for Solidcore Resources project in Kazakhstan with USD 100 million
KfW IPEX-Bank is providing USD 100 million in financing for Belgian exports to Solidcore Resources' new Ertis POX plant in Kazakhstan.
Frankfurt – KfW IPEX-Bank is providing USD 100 million in financing to support Belgian exports for Solidcore Resources plc's new Ertis POX pressure oxidation plant in Kazakhstan.
The project, located in the Pavlodar Special Economic Zone, will support Solidcore's gold production activities. It will involve Belgian engineering company Coek Engineering supplying a roughly 50-meter-long pressure oxidation autoclave, which is set to be the largest of its kind in Kazakhstan. This autoclave is a key component of a plant designed for an annual production capacity of approximately 500,000 ounces of gold in doré bars.
In addition to KfW IPEX-Bank's USD 100 million loan, the project is receiving USD 600 million in backing from the European Bank for Reconstruction and Development (EBRD) and an international banking syndicate. KfW IPEX-Bank stated that the transaction underscores its role in supporting European exporters and strengthening the competitiveness of European industry in international markets.
The financing combines export finance with investment in large-scale mineral processing infrastructure in Kazakhstan. By financing equipment supplied by a European engineering company, KfW IPEX-Bank aims to support industrial value creation in Europe while enabling the development of new processing capacity in the Central Asian nation.