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Russian VTB Bank approves $ 180 million loan for Jerooy

Russian VTB Bank agreed to issue a loan of $ 180 million to Alliance Altyn for the construction of a gold recovery plant and a tailing dump at Jerooy. Director General of the mining company, Mikhail Shubin, told journalists.

According to him, the issue of license pledge for the loan has not yet been resolved. The State Committee for Industry, Energy and Subsoil Use of Kyrgyzstan has not yet given its consent. But there is no refusal also. The new leadership of the state committee studies all the pros and cons of such a decision.

«Despite this, we got a loan from VTB. As of today, we received about $ 10 million. But the requirement for a license pledge remains. We have to get it. We hope the issue will be resolved in the near future,» said Mikhail Shubin.

Legal service of the company explained that it was not only the license for Jerooy deposit that pledged the loan. There are also obligations of shareholders of the company. And the license is only a part of the pledge that they decided to use as the legislation allows it.

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