EBRD mulls up to $45 mln loan to back DPM operations in Armenia, Bulgaria

The loan will aim to support the ongoing development and expansion of the company’s activities and acquisitions in the lender’s countries of operation.

The EBRD loan would be part of a five-year revolving corporate debt facility worth up to $150 million with other banks responsible for the balance, the EBRD said in a statement.

Through the proposed financing, Dundee’s Deno Gold operations in Armenia will adopt and implement Environmental and Social Action Plan agreed with the EBRD to bring Deno Gold in compliance with the bank’s Performance requirements. In addition, through the adoption of modern mining technology, Dundee is expected to substantially increase recovery rates and resource and cost efficiencies at the Chelopech mine in Bulgaria.

Dundee Precious Metals is a publicly-held Canadian mineral resource exploration, development and mining company listed on the main board of Toronto Stock Exchange with operations and development projects in Bulgaria, Armenia, Serbia, Namibia and Canada.

($=0.7729 euro)