CAPITAL MARKETS

Nordgold tees up ESG-linked credit facility

Becomes compliant with UK governance rules

Staff reporter
 Nordgold’s Neryungri mine in Russia

Nordgold’s Neryungri mine in Russia

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.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.