Altan Rio Minerals

Location:

Mongolia

Project number:

43410

Business sector:

Natural resources

Notice type:

Private

Environmental category:

B

Approval date:

17 Dec 2013

Status:

Complete

Translated version of this PSD: Mongolian

Project Description

The EBRD has agreed to provide an equity financing of up to CAD 10 million. The objective of the proposed transaction is to support a junior mining company exploring for gold in Mongolia. Altan Rio Minerals Limited (“the Company”) was founded in 2007 and is based in Vancouver, Canada. The Company is listed on TSX Venture Exchange (“TSXV”).

Transition Impact

The key sources of transition impact for the project derive from setting high standards of transparency, business and environmental conduct through adoption and introduction of the ISO 14001 environmental management system and OHSAS 18001 safety management system, as well as compliance with the Extractive Industries Transparency Initiative.

In addition to supporting the introduction of higher standards of EHS&S management, this transaction is believed to have a good demonstration effect towards other foreign investors in the country.

The Client

Altan Rio Minerals Limited.

EBRD Finance

The EBRD has agreed to provide equity financing to support the continuation of the Company’s exploration drilling program in Mongolia. The equity facility will be up to CAD 10 million.

Project Cost

Up to CAD 10 million.

Environmental Impact

Category B. The Bank’s ESD team met with the Company in Mongolia and in London. Due diligence was completed by an independent consultant and included meetings with Company management and site visit to the Khavchuu and Chandman-Yol license areas. No significant Environmental or Social impacts were identified from the limited exploration works completed to date, or from the works planned for 2014. An Environmental and Social Action Plan (‘ESAP’) has been agreed with the Company. As part of the ESAP, the Company have agreed to adopt appropriate management systems such as (i) the ISO 14001 environmental management system; and (ii) the OHSAS 18001 safety management system. Furthermore, the Company are aware that additional work may be required at the Pre-Feasibility / Feasibility stage, in accordance with the Bank’s policy requirements. The Company has agreed to work closely with the Bank on these issues as exploration progresses.

Technical Cooperation

None.

Company Contact

Altan Rio Minerals Limited
800 – 1199 West Hastings St.
Vancouver, BC
Canada, V6E 3T5
Phone: +1 604 639 5899

 

Business opportunities

For business opportunities or procurement, contact the client company.

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Text of the PIP

Project Complaint Mechanism (PCM)

The Project Complaint Mechanism (PCM) is the EBRD's accountability mechanism. It provides an opportunity for an independent review of complaints from individuals and organisations concerning EBRD-financed projects which are alleged to have caused, or are likely to cause, environmental and/or social harm.

Please visit the Project Complaint Mechanism page to find information about how to submit a complaint. The PCM Officer (pcm@ebrd.com) is available to answer any questions you may have regarding the submission of a complaint and criteria for registration and eligibility, in accordance with the PCM Rules of Procedure.