Centerra Gold secure Turkey gold mine finance

Centerra Gold secure Turkey gold mine finance

Centerra Gold (TSX:CG) has secured US$150 million in project financing for its Öksüt Project in Turkey.

The Canadian gold miner’s wholly-owned subsidiary, Öksüt Madencilik Sanayi ve Ticaret (OMAS), has entered a 5.75-year term facility for the loan from UniCredit Bank.

OMAS will use the funding to finance a substantial portion of the construction, development and operation the Öksüt gold mine and its related infrastructure in the Kayseri region of central Turkey.

“This is a testament to the robustness and strength of the Öksüt Project. This facility will provide us with continued financial flexibility and help maintain our balance sheet strength to enable us to deliver on our growth pipeline,” said Centerra CEO Scott Perry.

“We are pleased to have been able to arrange this attractive, non-recourse project financing to fund a substantial portion of the development and construction of the Öksüt Project.”

Based on the Öksüt feasibility study, the mine is expected to produce 895,000 over the life-of-mine at an AISC of $490 per ounce.