Canada's Dundee secures funds to back Bulgarian investments

Canada's Dundee secures funds to back Bulgarian investments

Canadian Dundee Precious Metals (DPM) has decided to draw a $66.75 million loan from the European Bank for Reconstruction and Development (EBRD) to support its investments in Bulgaria and refinance its existing loan with the lender.

Dundee operates in Bulgaria through copper gold mining and processing companies Chelopech Mining and Balkan Mineral and Mining.The finance will be provided via Unicredit Bulbank, part of which will go towards the repayment of DPM's $16.25 million loan. The remaining funds will be used for financing the expansion of Chelopech's capacity.Under DPM's $150 million project, scheduled for completion at the end of 2011, it will seek to double its gold and copper ore output to two million tons a year.

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