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Centerra Gold Extends $150MM Facility With EBRD

December 22, 2014, 07:23 AM
Filed Under: Metals and Mining

Centerra Gold Inc.announced it has extended its existing $150 million revolving credit facility with the European Bank for Reconstruction and Development (EBRD) until February 17, 2016, on the same terms as the existing facility, LIBOR plus 2.9%.

Ian Atkinson, President and CEO of Centerra, commented, "We are very pleased to extend this facility with EBRD and to continue our partnership with them. 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 and Natural Resources 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."

Centerra is a gold mining company focused on operating, developing, exploring and acquiring gold properties primarily in Asia, the former Soviet Union and other markets worldwide. Centerra is a leading North American- based gold producer and is the largest Western-based gold producer in Central Asia.

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