The Eurasian Development Bank (EDB) has allocated $150m to fund Altynalmas Gold’s gold production project in the Akbakai ore field, Zhambyl Oblast, Kazakhstan.

EDB will provide the funds as part of Kazakhstan’s mining and metallurgy 2010-14 development programme for boosting industrial and innovation development.

Altynalmas Gold will utilise the fund for reconstruction and upgrade of the gold processing plant and infrastructure, in addition to purchase of mining machinery and modern equipment.

A new mining and metallurgical complex will be created that can produce and process about 1.4Mtpa of gold ore, with doré bars as the plant’s end product.

The processing unit is scheduled to be complete this year, with the mining complex to be launched next year.