Alacer Gold signed the previously announced $350 million senior secured project finance facility with BNP Paribas (Suisse), ING Bank, Societe Generale and UniCredit Bank Austria.

The facility has an eight-year term, interest rates of LIBOR+3.5% to 3.95%, no mandatory hedging requirements and no early repayment penalties.

As part of the continuing de-risking efforts, the corporation is pursuing a prudent and simple gold hedging program for a portion of the oxide gold production during the sulfide plant construction period. Revenue from gold production during this period will be used to fund the plant construction costs.

Cutfield Freeman and Stikeman Elliott acted as advisors to Alacer on the transaction.

Alacer is a gold mining company, with an 80% interest in the Çöpler Gold Mine in Turkey operated by Anagold Madencilik Sanayi ve Ticaret and the remaining 20% owned by Lidya Madencilik Sanayi ve Ticaret.