Centerra Gold Inc. (TSX: CG) announced it has extended its existing US$150 million revolving credit facility (the “Facility”) with the European Bank for Reconstruction and Development (“EBRD”) until February 17, 2015.
Ian Atkinson, President and CEO of Centerra commented, “We are very pleased that we have been able to extend this facility with EBRD and to continue our partnership with them on the Kumtor Project. While Centerra has a strong balance sheet and we generate significant operating cash flow, we feel it is important to have the added financial flexibility that a corporate revolving credit facility gives us.”
Riccardo Puliti, Managing Director of Energy at EBRD remarked, “We are pleased to continue working with Centerra and support its investments in EBRD countries of operations, including the Kyrgyz Republic. For close to 20 years EBRD has invested and supported the sustainable and transparent development of the mining sector in the Kyrgyz Republic by supporting EITI implementation and promoting private sector participation in the sector. EBRD recognizes Centerra’s commitment to high environmental and safety standards, as well as to sustainable development in the local communities near the mine. We support the efforts that Centerra and the Government are making to co-operatively restructure the Kumtor Project in a manner that is fair to all shareholders, which will give a positive signal to investors and encourage further investments in the Kyrgyz Republic.”
The full text of the news release is available here.