Daily News: August 15, 2016

EBRD, UniCredit Provide $150MM Project Financing to Centerra Gold


The European Bank for Reconstruction and Development (EBRD) joined UniCredit Bank AG in a $150 million project financing term loan facility for Centerra Gold’s Öksüt Project in Turkey. EBRD will enter the facility investing $75 million and represents EBRD’s first mining investment in Turkey.

The facility, which was initially fully underwritten and signed by UniCredit, will be used to finance a substantial portion of the construction, development and operation of the Öksüt gold project and its related infrastructure in the Kayseri region of central Turkey.

“We are pleased to have, in addition to UniCredit, EBRD as a strategic partner and have them enter the Öksüt financing facility,” said Scott Perry, CEO of Centerra Gold. “Centerra has a long standing relationship with EBRD dating back to the company’s initial public offering with EBRD providing support and financing for the Company. We value our ongoing relationship with EBRD and are grateful for their commitment and support to help finance development in the regions where we both operate.”

“We are pleased to support the entrance in the Turkish market of an experienced operator like Centerra,” said Riccardo Puliti, managing director, head of Energy and Natural Resources. “The overall aim of this operation is to create sustainable development in the mining sector while enhancing social inclusion and transparency.”