Fitch Upgrades Nordgold’s Rating to BB+, Outlook Stable
London, United Kingdom, 21 January 2022 — Nord Gold plc («Nordgold» or the «Company»), the internationally diversified gold producer, is pleased to announce that Fitch Ratings has upgraded the Company’s Long-term Issuer Default Rating (the «IDR») to BB+ from BB. The Outlook is Stable.
In its announcement, Fitch Ratings cites that the upgrade reflects their expectations that Nordgold will maintain its leverage at a low level, which in combination with conservative financial policy will provide manageable headroom for execution of Nordgold key development projects (Gross mine expansion and construction of Tokko mine), which are expected to improve Nordgold’s scale and cost position.
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Nordgold is an internationally diversified one million ounce gold producer with about 7,800 people operating a portfolio of nine mines (in Burkina Faso, Guinea, Russia and Kazakhstan) and a number of development and exploration projects in West Africa, Eurasia and the Americas. Since its foundation in 2007, Nordgold has established a global reputation as a leading developer of tier one gold mining assets with a proven commitment to community engagement, sustainability, efficiency and operating in an environmentally responsible manner. Since 2013, Nordgold has successfully constructed three gold mines, including two in Burkina Faso (Bouly and Bissa) and most recently, the Gross mine in Russia.