Kyzyl Project (EBRD-48218)

  • Kazakhstan
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Bank Risk Rating
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
May 4, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Bakyrchik Mining Venture LLP
The holder of the loan, grant, or other investment.
  • Mining
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 140.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Aug 10, 2017

Disclosed by Bank Feb 17, 2017

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Project Description
This project finances Bakyrchik Mining Venture LLP to develop the Kyzyl (Bakyrchik) gold deposit located in Northeastern Kazakhstan. Kyzyl is a world class deposit with estimated JORC reserves of 7.3 Moz of gold at an average grade of 7.7 g/t. The Project is expected to produce up to 1.8 mtpa of ore by open pit mining during the first 10 years. The ore will be processed by sulphide flotation followed by concentrate offtake and/or pressure oxidation (POX).
Investment Description
BAKYRCHIK MINING VENTURE LLP is a Kazakh company that is indirectly 100% controlled by Polymetal International Plc . The Borrower's key asset is the Kyzyl gold deposit located in the north-eastern Kazakhstan. Polymetal International is the world's 15th largest gold producer and 3rd largest silver producer, and has a public listing on the premium segment of the London Stock Exchange and the Moscow Exchange.

Contact Information
Galina Chudina +7 (723) 249 26 00 Auezov village, Zharma area, East Kazakhstan region, 070605, Republic of Kazakhstan ACCOUNTABILITY MECHANISM OF EBRD The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD’s own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at or you can submit a complaint online using an online form, You can learn more about the PCM and how to file a complaint at