Quick Facts

Countries:
Where the impacts of the investment may be experienced.
  • Bulgaria
Banks:
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
  • European Bank for Reconstruction and Development (EBRD)
Status: Approved
Bank Risk Rating: B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Board Decision Date: 2016-12-14
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower or Client: DUNDEE PRECIOUS METALS INC
The holder of the loan, grant, or other investment.
Sectors:
The service or industry focus of the investment. A project can have several sectors.
  • Mining
Investment Type(s): Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD): $ 32.70 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD): $ 184.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.

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Primary Source

Original disclosure @ EBRD website
Updated in EWS: 2017-04-04
Disclosure Date: 2016-12-23
Dundee Precious Metals Equity
EBRD-48164

Project Description
This project involves an equity investment to support the development of the Krumovgrad gold-silver project in south-easternBulgaria that involves construction of an open-pit mining and processing operation at the total project cost of USD 184 million (the "Project"). The Project is developed by Dundee Precious Metals, a Canadian publicly listed (TSX) gold and copper mining and processing company with operations and exploration prospects in Bulgaria, Serbia, Armenia and Namibia.
Investment Description
Dundee Precious Metals is a publicly-held Canadian company listed on the main board of Toronto Stock Exchange. The Company's has operating assets in Bulgaria and Namibia, and holds interests in a number of developing gold and exploration properties located in Bulgaria, Serbia and northern Canada. Equity investment in the amount of CAD 43.7 million (circa USD 32.7 million equivalent) subscription to 9.99% of the Company's shares.
Contact Information
ACCOUNTABILITY MECHANISM OF EBRD The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.