Ulaanbaatar
Erdene Resource Development Corp executes project finance mandate letter with Export Development Canada
Economy
Ulaanbaatar /MONTSAME/ Erdene Resource Development Corporation has executed a mandate letter with Export Development Canada (EDC) for an up to USD55 million senior secured debt facility to develop the Bayan Khundii Gold Project in southwest Mongolia.
EDC’s financing for the project is conditional upon the satisfactory completion of due diligence, which is currently underway and expected to conclude in the second quarter of 2021.
"Executing the debt financing mandate letter with EDC is an important milestone in the development of our high-grade Bayan Khundii Gold Project,” said Peter Akerley, Erdene’s President and CEO.
“EDC has assisted many companies in developing mining
projects internationally, including in Mongolia. The involvement of EDC, as
well as our major shareholder the European Bank for Reconstruction and
Development will help to ensure that the project will be developed to the
highest environmental and social standards, delivering benefits for Mongolian
and international stakeholders.”
“Construction readiness work is underway as we seek to move rapidly through construction to production, with detailed design, scheduling and procurement workstreams well progressed,” continued Mr. Akerley.
Concurrently, the company is focused on expanding the
resources throughout our Khundii Gold District as it targets first gold in 2022.
source: Erdene Resource Development
