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A silicon plant has been re-launched in Karaganda after a recovery procedure, the press service of Kazakhstan’s Baiterek national management holding said yesterday.
Baiterek has attracted a domestic investor, the Tau-Ken Samruk mining company, for the recovery and re-launching of the silicon plant that stopped its work in 2012 after two years of operation. The new investor will initially invest more than 1.4 billion tenge in the plant’s recovery.
According to Baiterek’s press service, the plant has launched one of its two furnaces. The new investor plans to launch the second furnace and reach the plant’s design capacity of 25 thousand tons of products a year. The number of jobs at the plant will exceed 300.
The plant is producing silicon metal with a purity grade of not less than 98.5 percent using technology of a German company, which is also responsible for the sale of Kazakh silicon.
The plant’s output is meant for export. Silicon is imported by the United States, Japan, and European Union countries.
Construction of a silicon plant in Karaganda was started in 2007 by Silicium Kazakhstan, which attracted loans from the Development Bank of Kazakhstan and other financial organizations for the implementation of this project worth $165.4 million. The company failed to meet its contractual obligations before the Development Bank of Kazakhstan and stopped production.
The debt of Silicium Kazakhstan before creditors now exceeds $230 million. In 2013 this project was passed over from the Development Bank of Kazakhstan to the Investment Fund of Kazakhstan, a subsidiary of the Baiterek national management holding.
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- [Editor:tianxiao]
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