Nord Gold has secured a US$500mn facility agreement from Sberbank.

The gold producer, which is focused mainly on emerging markets, opened the line on a five-year basis and will use it to repay its current debt facilities, which stand US$466.5mn. The remainder will be used for general corporate purposes.

Nikolai Zelenski, the company’s CEO, says: “We are pleased to have secured this longer-term facility on attractive terms despite challenging market conditions. It reflects the current strength of our business and the long-term prospects for future growth. The funds raised will enable us to reduce the average interest rates we pay on our debt, extend the average length of our loan portfolio and improve our maturity profile.”

Nord Gold operates nine mines in Russia, Kazakhstan, Burkina Faso and Guinea. The company refused to comment further on the facility when contacted by GTR.