New book ‘102 Things to Do with a Hole in the Ground‘ spotlights global reclamation projects
Stories of reinvented coal mining regions, regenerated communities and rebuilt ecosystems are told in a new book published this month.
Nordgold announced on Monday that it has repaid in full the $325 million seven-year debt facility provided to the company by Sberbank in April 2017.
In January 2021, Nordgold also repaid the full outstanding amount of $200 million related to the five-year syndicated loan provided to Nordgold in March 2018 by the following mandated lead arrangers: ING (a branch of ING-DIBA AG), AO Raiffeisenbank, Raiffeisen Bank International AG, PJSC Rosbank, Societe Generale and AO UniСredit Bank.
“Our decision to repay these two outstanding loans in full ahead of the schedule reflects our very strong financial position, with 2020 EBITDA exceeding $1 billion and cash and cash equivalents of $739 million at the end of 2020,” Nordgold CEO Nikolai Zelenski said in a news release.
“Robust free cash flow generation enables us to invest in our low-cost, low-risk development pipeline anchored in the Gross Mining Region, to advance our new Tokko project and to further expand our flagship mine Gross, while continuing to deliver industry-leading shareholder returns,” Zelenski added.
Following the debt settlements, Nordgold’s total debt now comprises solely of a $400 million five-year Eurobond maturing in 2024. In March 2021, Nordgold entered into a two-year $100 million ESG-linked revolving credit facility with a group of international banks, which has not been drawn.
