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Nordgold tees up ESG-linked credit facility

Russia’s Nordgold says it’s advancing its ESG performance as its subsidiary Celtic Resources Holdings entered a two-year US$100 million ESG-linked revolving credit facility.
Nordgold tees up ESG-linked credit facility Nordgold tees up ESG-linked credit facility Nordgold tees up ESG-linked credit facility Nordgold tees up ESG-linked credit facility Nordgold tees up ESG-linked credit facility

Nordgold’s Neryungri mine in Russia

Staff reporter

The unsecured facility was teed up with a group of international banks and guaranteed by certain operating units, the gold miner said.

The margin under the loan was directly linked to Nordgold's EcoVadis ESG rating.

"We are making significant strides in rapidly advancing our ESG performance, not least having recently committed to achieving net zero CO2 emissions by 2050, in support of the objectives of the Paris Agreement," CEO Nikolai Zelenski said.

"Strong ESG principles are central to our ethos as a business and it is only right to extend these principles directly into our financing strategy."

Nordgold said it intended to use the proceeds for general corporate purposes.

The company is considering a London listing after a four-year hiatus, prompted by improving market conditions, Zelenski told Mining Journal in November.

The company last week completed its conversion from a UK Societas to a public limited liability company (plc) registered in England and Wales.

Michael Nossal was appointed independent non-executive chairman this month, with Nordgold saying it now had five independent non-executive directs and nine board members in total, "therefore fully compliant with the UK Corporate Governance Code's board composition requirements".

Billionaire Alexey Mordashov is Nordgold's controlling shareholder.