Kinross announces US$300 million debt financing for Tasiast
December 16 2019 - 10:34AM
Kinross Gold Corporation (TSX:K; NYSE:KGC) (“Kinross”) announced
today that its wholly-owned subsidiary, Tasiast Mauritanie Limited
S.A., has signed a definitive loan agreement for up to US$300
million for its Tasiast operation in Mauritania with the IFC (a
member of the World Bank Group), Export Development Canada, and
with the participation of ING Bank and Société Générale.
“We are pleased to have signed the loan
agreement, which is indicative of the support from a multilateral
lender, an export credit agency and two international banks for our
Tasiast operation. The completion of this facility underscores the
attractive foreign investment climate in Mauritania,” said J. Paul
Rollinson, Kinross President and CEO. “Tasiast has continued to
achieve strong results and has operationally outperformed since the
completion of the initial expansion. We believe this agreement will
contribute to the long-term success of Tasiast for the benefit of
both Kinross and the people of Mauritania.”
Aliou Maiga, IFC’s Regional Director for West
and Central Africa said: “This is IFC’s largest ever investment in
Mauritania and aligns with our strategy to support private sector
development in Africa. IFC’s support for Tasiast reflects the World
Bank Group’s alignment with the Government of Mauritania’s
development agenda and the project's commitment to maintain
best-in-class environmental and social practices and sustain
skilled employment. The project will support the Government of
Mauritania’s investments in the country’s economic and social
development.”
The agreement was signed following a
comprehensive due diligence process with the lenders, including
site visits, meetings with the Government of Mauritania, and
significant technical and environmental reviews and
evaluations.
The 8-year loan, which is non-recourse to
Kinross, matures in December 2027 and has a floating interest rate
of LIBOR plus 4.38%. The initial drawdown under the loan agreement
is expected in early 2020, subject to the satisfaction of customary
conditions precedent.
About Kinross Gold
Corporation
Kinross is a Canadian-based senior gold mining
company with mines and projects in the United States, Brazil,
Russia, Mauritania, Chile and Ghana. Kinross’ focus is on
delivering value based on the core principles of operational
excellence, balance sheet strength, disciplined growth and
responsible mining. Kinross maintains listings on the Toronto Stock
Exchange (symbol:K) and the New York Stock Exchange
(symbol:KGC).
Media Contact Louie DiazSenior
Director, Corporate Communicationsphone: 416-369-6469
louie.diaz@kinross.com
Investor Relations ContactTom
Elliott
Senior Vice-President, Investor Relations and Corporate
Development
phone:
416-365-3390
tom.elliott@kinross.com
Cautionary statement on forward-looking
information
All statements, other than statements of
historical fact, contained in this news release, including any
information as to the future financial or operating performance of
Kinross, constitute “forward-looking information” or
“forward-looking statements” within the meaning of certain
securities laws, including the provisions of the Securities Act
(Ontario) and the “safe harbor” provisions under the United States
Private Securities Litigation Reform Act of 1995 and are based on
the expectations, estimates and projections of management as of the
date of this news release, unless otherwise stated. The word
“expects” or variations of or similar such words and phrases or
statements that certain actions, events or results may, could,
should or will be achieved, received or taken, or will occur or
result and similar such expressions identify forward-looking
statements. Forward-looking statements are, necessarily, based upon
a number of estimates and assumptions that, while considered
reasonable by Kinross as of the date of such statements, are
inherently subject to significant business, economic and
competitive uncertainties and contingencies. The estimates and
assumptions of Kinross contained in this news release, which may
prove to be incorrect, include, but are not limited to: (i) that
the parties will complete the conditions precedent for financial
closing in accordance with, and on the timeline contemplated by the
terms and conditions of the relevant agreements, on a basis
consistent with our expectations and; (ii) that necessary
in-country approvals and registrations by government agencies will
be obtained. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Forward-looking statements are provided for the purpose
of providing information about management’s expectations and plans
relating to the future. All of the forward-looking statements made
in this news release are qualified by this cautionary statement and
those made in our other filings with the securities regulators of
Canada and the United States including, but not limited to, the
cautionary statements made in the “Risk Analysis” section of our
MD&A for the year ended December 31, 2018 and the Annual
Information Form dated March 29, 2019. These factors are not
intended to represent a complete list of the factors that could
affect Kinross. Kinross disclaims any intention or obligation to
update or revise any forward-looking statements or to explain any
material difference between subsequent actual events and such
forward-looking statements, except to the extent required by
applicable law.
Source: Kinross Gold Corporation
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