Anatolia’s gold mine project gets money power

January 16, 2009

Commodity Online
NEW DELHI: Gold mining sector seems to be the most active area of business in 2009. Almost all explorers are gearing up for a boom year in 2009 with investors rushing to buy gold at a time of recession across the globe.

In a latest development, Toronto-based Anatolia Minerals Development unveiled its plans to develop Copler gold project in Turkey. As part of this, the company said it has secured $62.5 million worth of financing for the project.

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.

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.

The company 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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