“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 stated 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.
