Canadian Dundee Precious Metals has decided to draw a USD 66.75 million loan from the European Bank for Reconstruction and Development 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 USD 16.25 million loan. The remaining funds will be used for financing the expansion of Chelopech's capacity.

Under DPM's USD 150 million projects scheduled for completion at the end of 2011 it will seek to double its gold and copper ore output to 2 million tonnes per year.

(Sourced from Dnevnik.bg)