Mongolia: The Senj Sant cement plant was opened on 13 August 2015 in Urgun Soum, Dornogovi, some 450km from the capital Ulaanbaatar, according to the European Bank for Reconstruction and Development (EBRD). The plant will be the first greenfield cement plant in Mongolia to use the dry process, which is especially significant in the Gobi region, where water is scarce. The plant will also use a waste heat recovery power plant, which will help save energy and water.
The project includes a gender action plan, which means there will be more opportunities for women. Most of the directors of Senj Sant are women. The plant will be overseen by Munkhnasan Narmandakh, the female CEO of its parent holding company, Monpolymet Group, one of Mongolia's leading mining operations. The holding company has an all-female board of directors.
The EBRD provided a financing package of US$85m, which consisted of a US$20m equity investment and a US$65m loan to Senj Sant. The Development Bank of Mongolia lent US$65m. The remaining US$80m of the total project cost of US$230m was funded by the Monpolymet Group.
"This project will be a major step towards establishing domestic cement supply and replacing imports. It is also important for the country's economic diversification," said the EBRD's senior banker in charge of the project, Azjargal Ulziitogtokh. "The EBRD is proud to highlight that the project meets EU requirements and will be using best available technology. Personally, as a Mongolian female professional, I am also very pleased to say that the company has a gender action plan to ensure equal opportunities, which goes beyond industry standards, not only in Mongolia but in the whole region where the EBRD works."
To date, the EBRD has committed over US$1bn to Mongolia's economy. All of the Bank's projects so far have supported private sector companies.