Torex Gold Resources amended the terms of its $150 million revolving credit facility and its $100 million term loan to include incentive pricing terms related to achieving various sustainability performance targets, including those in safety, climate change and alignment with the World Gold Council’s responsible gold mining principles. BMO and ING Capital acted as the sustainability structuring agents for the sustainability-linked loan.
“We are pleased to be one of the first mid-tier gold producers to enter into a sustainability-linked loan,” Jody Kuzenko, president and CEO of Torex, said. “We see this as an opportunity to lead and support the shift in the markets towards connecting the cost of capital with performance excellence on matters that are critical to the reputation and success of our company and our industry. This includes the safety of our workers, climate change, environmental stewardship, and social responsibility more broadly. Amending our credit facilities in this way is yet another example of Torex working in that “sweet spot” between continuously improving the commercial aspects of our business while even further bolstering our industry-leading position on matters of ESG.”
The sustainability performance targets linked to the revised financing terms have been set for fiscal years 2023 and 2024, considering the current 2025 maturity of the credit facilities. The sustainability performance targets are aligned with Torex’s previously disclosed sustainability targets.
