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Project number:


Business sector:

Natural resources

Notice type:


Environmental category:




PSD disclosed:

27 Sep 2017

Translated version of this PSD: Turkish

Project Description

An approximately USD 35 million convertible loan to Acacia Maden Isletmeleri A.S. (AMI or borrower) to finance the development of the Gokirmak copper deposit including the construction of a copper processing facility and related mine infrastructure.

Project Objectives

The facility supports the borrower's efforts in developing the Gokirmak deposit located in the Kastamonu province in northern Turkey. Gokirmak is a world class deposit with measured and indicated resource of 23.67 Mt at Cu grade of 1.64 per cent. The project is expected to produce up to 2 Mtpa of ore by open pit mining during the first ten years. The ore will be processed on-site followed by concentrate offtake.

Transition Impact

The proposed financing has the potential to generate a positive transition impact by promoting youth and gender inclusion, as well as demonstrating the use of efficient mining technologies. The project is expected to improve the linkages between the industry and training/educational institutions, and address skill mismatches through developments of standardised training for youth and increased workforce diversity. The environmental, social, health and safety standards and requirements applied to the project will bring management practices that go beyond prevailing standards in Turkey.

Client Information


Acacia Maden Isletmeleri A.S. (Acacia Mining Operations)

Acacia Mining Operations is a Turkish mining company. Its key asset is the Gokirmak copper deposit located in the Kastamonu province in northern Turkey. The company is 30 per cent owned by Akfen Muhendislik A.S., 30 per cent owned by Ilbak Madencilik San. Ve Tic. A.S., with the remaining 40 per cent owned by Izbir Maden A.S.

EBRD Finance Summary

USD 35,000,000

Total Project Cost

USD 275,649,000

Environmental and Social Summary

Category A (2014). The development of a copper mine and processing plant with river diversion requires an international Environmental and Social Impact Assessment (ESIA), with public disclosure and consultation in line with the EBRD's Environmental and Social Policy. Independent consultants have been contracted by the client to prepare the ESIA and carry out related field surveys, including hydrogeology analysis, biodiversity studies, socio-economic survey. The ESIA disclosure package consists of the Environmental Impact Assessment report (Volume I), Social Impact Assessment (Volume II), Non-Technical Summary (NTS), supporting technical studies and reports (Volume III), an overarching Environmental and Social Management and Monitoring Framework Plan (ESMMFP), as well as a number of specific environmental and social management plans (Volume IV), including Stakeholder Engagement Plan (SEP) and Livelihood Restoration Plan (LRP) among other.

The documents are disclosed on AMI's website, in hard copy at the company's offices in Ankara and in Hanonu and at the Hanonu municipality. During the 60 days disclosure period the comments to the ESIA are received in writing and public consultations are carried out in the locations identified by SEP.

ESIA disclosure package documents

The project had already been subject to national EIA and public consultations in 2013 and 2014. The Gokirmak River diversion works in the area of open pit mine are completed by the client on behalf of the Water Resources Regulator State Hydraulic Works (DSI) and were subject to a separate EIA for the Taskopru dam and hydropower plant.

As part of the Environmental and Social Due Diligence (ESDD) process of the Bank, a corporate environmental and social audit of the company to identify key environmental and social risks and assess the capacity of AMI and contractors to implement the Bank's Performance Requirements (PRs) as well as to assess environmental and social performance of the ongoing construction contractors has been carried out in September 2017.

The main environmental and social issues during the lifetime of the mine (including construction, operation and mine closure) identified as part of the ESDD include: land acquisition for the mine and impacts of loss of pastures on the livelihood of local communities, processing plant infrastructure, impacts on village roads, high voltage electric lines and forest clearance and related, workforce influx issues, potential impacts on intangible cultural heritage during operations, potential impact on structures/assets and potential safety risks during operations phase particularly in the Sepetciler neighborhood due to operational safety risks, location of the project in a seismically active area, open pit stability, waste rock handling and disposal, waste rock acid generation, tailings facility location and management, water resources management, biodiversity impacts, traffic safety, contractors' working conditions, occupational and public health and safety, among others.

These potential impacts can be avoided, controlled, or otherwise reduced to acceptable levels by the implementation of specific mitigation measures and application of a robust environmental and social Management System and specific management plans prepared by the Project. An overarching framework ESMMFP as part of ESIA reports and a detailed Environmental and Social Action Plan (ESAP) based on the findings of the environmental and social audit are developed to address
identified environmental and social risks and issues.

The company and its contractors will be required to implement all the relevant measures outlined in the ESIA documents and the ESAP. The Bank will monitor the implementation of the project via regular annual reports and monitoring visits, as and when required.

Technical Cooperation


Company Contact Information

Oznur Izlem Aydin
+90 312 440 9982
+90 312 440 9981
Karaca Sokak no:32/7 Çankaya, Ankara, Turkey

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