The FINANCIAL -- The European Bank for Reconstruction and Development and Centerra Gold Inc., – a North America-based gold-mining company and the largest foreign investor in the gold sector in Central Asia – have joined forces to develop Centerra’s operations in the Kyrgyz Republic and Mongolia
The EBRD will provide a three-year revolving corporate debt facility to Centerra of up to US$ 150 million (€112.5 million) to finance the company’s development and potential acquisitions of mining assets in the region.
"With the EBRD’s support, Centerra is introducing new mining technologies and is supporting sustainable mining development initiatives around its areas of operation," EBRD said.
“We are delighted to continue working with Centerra in support of its 15-year track record as the largest foreign gold-mining operator in Central Asia. This is an important regional investment expanding Centerra’s operations,” the EBRD’s First Vice President Varel Freeman said.
“Most crucially it is an investment that supports the sustainable and transparent development of the mining industries, supporting the Extractive Industries Transparency Initiative implementation in the Kyrgyz Republic, and combining resources to support small and medium private enterprises operating in the economic areas of the mines. The EBRD will work together with Centerra to promote the highest possible environmental, labour, health and safety standards, not only within its existing operations, but also within its future projects,” he added.
Speaking at the signing ceremony, Centerra’s President and CEO Stephen A. Lang said: “Centerra is very pleased to have reached an agreement on this new credit facility with the EBRD. We have been working with the EBRD for over 15 years and are delighted to conclude a new project with the Bank. Centerra is committed to sustainable development in the economic areas around the mines and in its countries of operation generally.”
In Kyrgyzstan, the EBRD focuses mainly on supporting micro, small and medium-sized enterprises, key infrastructure projects and sustainable development of the country’s mining sector. Since the beginning of its operations in the Kyrgyz Republic, the EBRD has invested about €250 million in over 70 projects, with 63 per cent of the projects being investments into the development of the private sector.
In line with its country strategy for Mongolia, the EBRD focuses on developing a sustainable mining sector, agribusiness, financial institutions, property and beverage production. The Bank has been implementing over 20 projects with a total value of €936 million.
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