Tumad Sub Loan (EBRD-51194)

  • Turkey
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
Jul 10, 2019
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.
Tumad Madencilik Sanayi ve Ticaret AS
The holder of the loan, grant, or other investment.
  • Construction
  • 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)
$ 40.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jul 5, 2019

Disclosed by Bank Jun 6, 2019

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Can you contribute information about this project?
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Project Description

According to the Bank's website, this project re-finances the Bank's existing loan used for the development of the Lapseki and Ivrindi gold mines and finances Ivrindi cost overruns. The Bank's existing USD 40 million loan to Tumad Madencilik Sanayi ve Ticaret AS will be replaced by this loan.

Since the original project disclosure, the Lapeski mine has become fully operational and the Ivrindi mine is 85% complete. 

The Ministry of Environment in Turkey considers the current environmental and social mitigation measures to be adequate. However, in order to meet the Bank's requirements, the proposed underground component of the Lapseki mine requires a supplementary Environmental and Social Impact Assessment. The Bank claims that the project will conduct additional stakeholder engagement activities, focusing on water resource and cyanide management. 

Investment Description
Private Actors Description

Tumad Madencilik Sanayi ve Ticaret AS was established in 1989 to supply construction materials (aggregate, concrete and plastering) for Nurol Holding construction business. Tumad Madencilik Sanayi ve Ticaret AS is still owned by Nurol Holding. From 2012, Tumad expanded into metal-mining and it currently owns two operating licenses: Lapseki and Ivrindi in Turkey. 

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Nurol Holding Parent Company -
- - - - Tumad Madencilik Sanayi ve Ticaret AS Client -

Contact Information

Hasan Yucel, General Director
(0.312) 4551610
(0.312) 4551601
Bugday Sokak No: 9 Çankaya Ankara


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.