Kinross Announces US$125 million letter of credit guarantee from EDC Canada
Wed Nov 11, 6:39 PMThe Canadian Press
By The Canadian Press
TORONTO - Kinross (TSX: K.TO), a Toronto-based international gold miner, says it has struck a deal with Export Development Canada to have the federal financing agency guarantee a letter of credit line for up to US$125 million.
Letters of credit guaranteed under this new facility are expected to be available for reclamation liabilities at Fort Knox, Round Mountain, and Kettle River-Buckhorn mine sites in the United States. Fort Knox is in Alaska, Kettle River in Washington state and Round Mountain in Nevada.
The new credit line will expire in November 2012.
Kinross said the guarantee financing is in addition to the company's recently amended US$450 million revolving credit line.
"Together, these facilities enhance Kinross' credit availability as we contemplate our future funding requirements," said Thomas Boehlert, the miner 1/8s chief financial officer.
Kinross has mines and projects in the United States, Brazil, Chile, Ecuador and Russia, and employs about 5,500 people worldwide.
In trading on the Toronto Stock Exchange, Kinross shares rose 19 cents to close at $20.50 in trading of nearly 3.5 million.
158.94 (1.43%)
