VANCOUVER (miningweekly.com) – The banking syndicate supporting Canadian gold miner Iamgold’s existing credit facility has added a commitment of $80-million to take the corporate facility to $250-million.
Canadian financial partners Royal Bank of Canada, the Toronto-Dominion Bank and Export Development Canada on Tuesday joined the existing banking syndicate, led by National Bank of Canada and Deutsche Bank, and including Citibank, Ressources Québec and Morgan Stanley Senior Funding.
"Iamgold’s balance sheet is strong, ending 2016 with about $750-million in cash, cash equivalents and restricted cash, which exceeds the $489-million of our bonds that are due in October 2020," stated executive VP and CFO Carol Banducci.
The company expects to increase its output for 2017 by between 4% and 9% year-on-year, to between 845 000 oz and 885 000 oz of gold, with all-in sustaining costs ranging between $1 000/oz and $1 080/oz.