ENRC to boost SSGPO’s iron ore concentrate capacity to 25 million mt

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.