The European Bank for Reconstruction and Development (EBRD) will lend Senj Sent US$65 million for a cement plant project in Mongolia. The deal was signed at a ceremony by EBRD First Vice President, Phil Bennett. It follows an equity investment of US$20 million for a stake in Senj Sant, agreed in May 2013.
Senj Sant is building a dry process cement plant in southern Mongolia, around 450 km from Ulaanbaatar, using state-of-the-art and environmentally friendly equipment. The plant will have a production capacity of 3000 tpd, helping to meet growing demand for cement in the country. The ERBD financing will help the company to continue to fund construction, commissioning and operation of the plant, which is expected to start-up in 2015.
Senj Sant is owned by Mongolia’s Monpolymet Group, run by a mother-daughter team – CEO Ms Munkhnasan Narmandakh and Group President Ms Garamjav Tseden. The Group was founded in 1992 with a focus on gold mining and it has since diversified into construction, mineral exploration, rehabilitation and construction material production through the establishment of four sister companies. In 2012, Ms Garamjav Tseden won the EBRD Women in Business Award for outstanding achievement in industry.
“The EBRD’s long-term finance, including equity, is not only helping us build the first greenfield cement plant in Mongolia using environmentally friendly dry process, but also supporting the company in raising business standards to international levels,” said Ms Munkhnasan Narmandakh, CEO of Monpolymet Group, at the signing ceremony.
Read the article online at: https://www.worldcement.com/asia-pacific-rim/05082014/ebrd-signs-loan-deal-with-senj-sant-for-mongolian-cement-plant-237/