Kinross Gold clears $250mln debt
Friday, 02 September 2016 19:04
Kinross Gold, mining firm active at the Tasiast gold mine in Mauritania, announced it has cleared a $250 million debt whose deadline was on September 1, 2016.
The firm also said that its next two reimbursement deadlines were on August 10, 2010 and August 10, 2021, resulting from an extension agreement it signed with its lenders. Kinross is to pay $500 million and $1.5 billion respectively at these dates.
However, having no reimbursement deadlines set within the next four years and in sight of its strong balance sheet and excellent liquidity, the firm hopes to have enough financial flexibility to finance the organic growth of its global portfolio. It also plans to expand phase 1 of development for its Tasiast project.
The Tasiast mine is one of West Africa’s main gold mines, with around 260 tons of proved and probable reserves.
Louis-Nino Kansoun
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