Translated version of this PSD: Mongolian
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”).
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.
Altan Rio Minerals Limited.
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.
Up to CAD 10 million.
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.
Altan Rio Minerals Limited
800 – 1199 West Hastings St.
Canada, V6E 3T5
Phone: +1 604 639 5899
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Tel: +44 20 7338 7168
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