Nord Gold enters into agreement with ING
Nord Gold intends to use the proceeds for general corporate purposes, including financing capital expenditure and/or the refinancing of its existing debt facilities.
Nikolai Zelenski, Chief Executive Officer of Nord Gold, commented:
“We are pleased to have secured this facility on attractive terms, testament both to our long term track record and positive outlook. Nordgold remains a consistent free cash flow generator and has an exciting pipeline of low capital intensity development opportunities. In September this year we launched our new Bouly mine in Burkina Faso, which had already hit its nameplate capacity by November and is set to make a substantial contribution to the Group next year and beyond. We have made a solid progress on our development portfolio, with continuing construction of our new Gross project, while we have also consolidated our ownership positon in the promising Pistol Bay project in Canada. The agreement with ING further boosts our financial strength and we look forward to announcing further progress on our development projects in due course."
As at 30 September 2016 Nord Gold’s total debt was US$871.3 million with net debt of $559.7 million.
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