Kazakhstan-based
mining group Eurasian Natural Resources Corporation Plc. (ENRC) plans to increase the
iron ore concentrate
production capacity at its subsidiary Sokolov-Sarbai
Mining Production Association (SSGPO) from 18 million mt to 25 million mt, using loan facilities provided by China Development Bank Corp. (CDB), Interfax-
Kazakhstan news agency has reported, citing ENRC's co-founder Alexander Mashkevich.
In late February, state-owned National Wellbeing Fund Samruk-Kazyna agreed to borrow from CDB $1.6 billion to finance modernization projects at SSGPO and $400 million for Kazchrome. ENRC's investment program includes an estimated $2.5 billion to expand
iron ore operations in
Kazakhstan.
Reportedly, ENRC also plans to produce 45 million mt of iron at its project in
Brazil after three years, and will invest about $3 billion at the site, helping it become the world's fifth-largest
iron ore producer.