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Thursday, 15th January 2009 (1322 views)

Anatolia Minerals Development has stated that it has secured $62.5 million (£42.8 million) worth of financing to develop its wholly-owned Copler gold project in Turkey.

Bayerische Hypo-und Vereinsbank (HVB), a member of UniCredit Group, has received final credit approval to fully underwrite the project debt facility, which has a six-year term with no penalty for early repayment.

Toronto-based Anatolia plans to produce around 1.3 million ounces of gold at Copler at a cash cost of about $254 per ounce, with the first gold pour expected in early 2010 and full production scheduled to start in 2011.

Edward Dowling, president and chief executive, said: "Receiving HVB's approval for this fully underwritten debt facility is excellent news and an extraordinary financial milestone for Anatolia."

Exploration and development company Anatolia Minerals is planning a staged approach for the development of the Copler gold mine, which it claims is one of Turkey's "largest undeveloped gold deposits".

 

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