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.
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||-|
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 firstname.lastname@example.org 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.