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.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out how to submit a Request for review through our confidential online form, by email, mail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requestors’ identities may be kept confidential, upon request.

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