- The investment supports NewCo Ferronikeli in enhancing operational and energy efficiency
- Investment supports the implementation of the highest environmental standards and energy efficiency
- Demonstrate the potential of the leading mining company to improve sustainability
The European Bank for Reconstruction and Development and the Balfin Group will invest 25 million euros in Kosovo's largest Ferronikeli production company, NewCo Ferronikeli, to support energy efficiency and operational efficiency investments.
This funding will significantly increase the company's competitiveness through measures taken to improve efficiency, such as installing a mineral dryer, which will reduce the duration of the nickel smelting and particulate emission process.
Implementation of the highest environmental standards and modern energy investments will cause the company's greenhouse gas emissions to decrease by 38,615 tons of CO2 per year. The new measures taken will make NewCo Ferronikeli the sector leader by demonstrating how modernization measures can contribute to a sustainable future for mining companies.
Founded in 1989 and privatized in 2006, NewCo Ferronikeli is now Kosovo's largest exporter. The company produces and exports about 7,000 tons of high quality nickel per year. It accounts for approximately 40% of the country's exports and is one of the largest private employers. NewCo Ferronikeli, as of 2018, is part of Balfin Group, the largest investment group in Albania and among the largest in the region.
Eric Rasmussen, Director of the European Bank for Reconstruction and Development team for natural resources, stated: "The European Bank for Construction and Development is very happy to support Balfin's strategic investment to revive Ferronickel, which is important as for Kosovo as for the local community. Financing from the European Bank for Reconstruction and Development will help lower energy costs and improve production quality, which will allow Ferronikeli to become a competitive exporter. "
Samir Mane, President of Balfin Group stated: "Balfin is proud to continue its long history of working with the European Bank for Reconstruction and Development in all the major countries where we are present. The investments we are making at NewCo Ferronikeli will ensure the company remains a competitive nickel producer in the global economy and continue to secure substantial employment in Kosovo. "
The European Bank for Reconstruction and Development has invested over 395 million euros in Kosovo through 65 projects since it launched operations in 2012. Supporting competitive private sector development and improving energy security and sustainability which are priorities for the European Bank for Construction and Development in Kosovo.