Tumad Gold Mines Development Loan (EBRD-49041)

  • Turkey
Where the impacts of the investment may be experienced.
Specific Location
Canakkale and Balikesir
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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
Nov 29, 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.
umad Madencilik Sanayi ve Ticaret A.S.
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)
$ 40.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 289.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Other Related Projects
Primary Source

Original disclosure @ EBRD website

Updated in EWS Oct 27, 2017

Disclosed by Bank Sep 29, 2017

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Project Description
This project provides financing to Tumad Madencilik Sanayi ve Ticaret for the development of the Lapseki and Ivrindi gold mines located in the Canakkale and Balikesir provinces of Turkey, respectively.
Investment Description
TUMAD MADENCILIK SANAYI VE TICARET AS Tumad was established in 1989 originally to supply construction materials (i.e. aggregate, concrete and plastering) for the Sponsor's construction business. Between 2012 and 2014, Tumad expanded into the metals mining sector by acquiring several mineral exploration licences in Balikesir, the Black Sea region, Gumushane and Ankara. Earlier this year Tumad divested its construction materials business has focused entirely on the metals mining.

Contact Information
Hasan Yucel, General Director hasan.yucel@tumad.com.tr (0.312) 4551610 (0.312) 4551601 www.tumad.com.tr Bugday Sokak No: 9 Cankaya Ankara 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 pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.