Erdem&Erdem team co-led by Prof. Dr. Ercüment Erdem and partner Özgür Kocabaşoğlu, represented Turkey’s Yıldırım Group in connection with the $260 million in joint financing by the European Bank for Reconstruction and Development (EBRD) and UniCredit Group for Yıldırım Group’s Voskhod Chromium, a mining operation in Aktobe Oblast, northwestern Kazakhstan.
The financing will be used by Yıldırım Group to restructure the Voskhod mine and improve its efficiency and competitiveness while reinforcing the overall environmental and operational health and safety standards. Voskhod Chromium project is expected to have a transformational effect on the operations of the mine by introducing new technologies and practices into Kazakhstan for the first time.
Yıldırım Group is a leading Turkish conglomerate active in mining, sea transport, port management, shipping, energy and chemicals with companies currently operate in Europe, the Middle East, Central Asia, Africa and South America. Yıldırım Group is also one of world’s largest chrome ore and ferrochrome producers, and one of the few suppliers of high-quality ferrochrome.
The cross-border investment is EBRD’s first transaction in the chromium sector.
Prof.Dr. Ercüment Erdem, who co-led the Erdem&Erdem team in the project, commented that “Erdem&Erdem’s mandate required specialist knowledge in mining industry and extensive experience in cross-border project financing and regional familiarity”.
