Oyu Tolgoi offers Mongolia a brighter future
The Oyu Tolgoi mine in Mongolia boasts one of the world’s largest undeveloped copper and gold deposits. Once the underground mine is fully operational, Oyu Tolgoi is expected to generate up to one-third of Mongolia’s GDP and make a significant contribution to raising living standards in the country.
In 2015 the EBRD helped to bring this economic boon closer to realisation by arranging a US$ 1.2 billion (€1.08 billion equivalent) syndicated loan to the company operating the mine. This was the largest syndicated deal the Bank has arranged and included US$ 400 million (€368 million equivalent) of EBRD financing.
Oyu Tolgoi is already producing copper from an open-pit mine, but more than 80 per cent of its value lies in the proposed underground mine. The Bank’s financing is part of a US$ 4.4 billion (€4.05 billion equivalent) package extended by international financial institutions, export credit agencies, development banks and commercial banks. The EBRD played a leading role in arranging the package and worked extensively with the government, local communities and other lenders to minimise environmental and social impacts of the project.
The EBRD has been investing in Mongolia since
The Bank’s financing is part of a
package extended by international financial institutions